Cliffs nabs Portman at wire

Cliffs nabs Portman at wire

Ohio-based Cleveland-Cliffs, which held less than 5% of Portman's shares barely a week ago, managed to acquire over 60% of the Australian iron ore producer's stock as shareholders rushed to beat a 19:00 (local Sydney time) deadline on Tuesday. Had Cliffs not managed to obtain at least 50% of Portman's shares by the deadline, North America's largest iron pellet producer's take over of the Australian company would have failed. Having obtained a majority stake in Portman, Cleveland-Cliff's A$676 million (US$533 million) buyout offer was extended an additional two weeks as outlined in Australian law. The Portman board of directors has recommended that all remaining shareholders accept Cleveland-Cliffs' offer of A$3.85 (US$3.03) per share.