Cleveland-Cliffs woos Portman shareholders

Cleveland-Cliffs woos Portman shareholders

Cleveland-Cliffs Inc seeks the consent of Portman Limited shareholders in order to complete the takeover of Australia's third largest iron ore producer by March 1, 2005. Cleveland-Cliffs, through its wholly owned subsidiary Cleveland-Cliffs Australia Pty Limited, has already laid its formal request to buy at least 51% of the company. The government and Portman board of directors approved Cleveland-Cliffs' offer. It is now up to the shareholders whether or not the deal will go through. Cleveland-Cliffs appears to be the sole major bidder for Portman, which has reserves totaling 94.6 million metric tons and which is carrying out the Koolyanobbing Project to bear iron ore for the next 13 years.