US Cleveland-Cliffs, Inc ("CLF") announced September 12 that it intends, through its wholly owned subsidiary Cliffs Asia-Pacific Pty Limited ("Cliffs"), to make an off-market takeover offer for all of the shares in Portman Limited that it does not own yet. The Offer is a last and final cash offer at a price of A$21.50 per Portman Share. Cliffs already holds approximately 85.19% of the shares in Portman. Bidder's Statement is expected to be sent out to Portman shareholders on October 3. Expected closing date of Offer is November 3, Sydney time.
Cleveland-Cliffs, Inc informs it will be renamed Cliffs Natural Resources in the coming months.
CLF has also revealed that UK-based Harbinger Capital Partners is intending to make a Control Share Acquisition proposal to the CLF shareholders. Decision will be made at the special meeting of shareholders scheduled for October 3, 2008. |
