Euro slips against dollar after rate cuts
Employers shedding jobs as recession deepens
Job Losses a Big Reason for State's Budget Shortfall: Unemployment Rate May Hit 8% Before Possible Recovery in Early 2010
Economist: Bay State Landed in Recession After U.S.: We All Fall Down
Region Again Counters Trends, Adds 5,000 Jobs
New Labour Has Had to Adapt Its Economic Policy to Suit the Times
US House Market Still Holds the Key to the Date of the Recovery
Recession Hinders Firm Pursuing Incentive Goals
US, China promise $20 billion to finance trade
DuPont, Merck, AT&T, Toll Bros. among big movers
Enter Symbol
Enter Search String
More Drama at the Cleveland Cliffs Corral
By:
TraderMark
Friday, July 25, 2008 11:51 AM
Sectors:
Basic Materials
Symbols:
ANR
,
CLF
,
NUE
Author
Author's Bio and Articles
Visit Author's Website
Alerts by Email
Research Articles
Stock Ranking Changes
We never spam!
Related RSS Feeds
ANR Headline Feed
CLF Headline Feed
NUE Headline Feed
All Symbols
Sector Feeds:
What an interesting saga -
more details are emerging this morning per the Wall Street Journal
on what exactly Harbinger Capital is thinking and why they are opposing the merger between
Alpha Natural Resources (ANR)
and
Cleveland Cliffs (CLF)
(
Jul 17: High Drama at the Cleveland Cliffs Corral
)
Cleveland-Cliffs Inc. forgot to get just one thing before unveiling its $10 billion deal for Alpha Natural Resources Inc. -- Phil Falcone's permission
. As a result, the Cleveland iron-ore producer
may have inadvertently put itself into play
.
Within two days of the deal's July 16 announcement,
Harbinger Capital, Mr. Falcone's hedge fund and Cleveland-Cliffs' largest shareholder, said it opposed the move, leaving the transaction in doubt.
With a 16% stake in Cliffs, Mr. Falcone effectively has enough power to block any transaction.
Behind the scenes, the Harbinger chief has begun pushing for
Cleveland-Cliffs
to take advantage of the global steel boom and put itself up for sale
. Mr.
Falcone reckons Cleveland-Cliffs could fetch as much as $130 a share,
or about $14 billion, according to a person close to Harbinger. Harbinger hired Moelis & Co., a mergers-and-acquisitions boutique, as its adviser.
Cleveland-Cliffs could be an attractive target for a number of steelmakers, analysts say.
Next Page >>
Article Tools -->
Options
Related Articles
Related Press Releases
Related SEC Filings
Bookmark
Email Article
More Articles by:
TraderMark
More Articles on:
Basic Materials
Research Related Stocks:
ANR
,
CLF
,
NUE
,
Subscribe to
Email Alerts
or
RSS feeds
for articles from more than 300 contributors and press releases, SEC filings and full text news from thousands of sources.
Related Stories
China Blasts U.S. Economic Policy, Expresses Doubt in Financial System
Dec 04, 2008 06:05 PM
Aid For Chrysler? Just Say No!
Dec 04, 2008 04:10 PM
John Templeton's Plan For Surviving The Great Recession
Dec 04, 2008 04:05 PM
Will the Loss of Consumer Credit Serve As The Next Economic Aftershock To Further Fuel the Financial Crisis?
Dec 04, 2008 11:17 AM
Preston Mine to Close: Company Cites Safety Issues; 325 to Lose Jobs
Dec 04, 2008 09:55 AM
Related Press Releases
BenchmarkJournal.Com (Complimentary) Analyst Review for AA, AXP, CLF and EP
Dec 04, 2008 01:24 PM
Alpha Natural Resources Issues Updated Guidance for 2008; Subsidiary to Close Whitetail Kittanning Mine
Dec 03, 2008 08:31 AM
Claymore Investments, Inc. Announces it Anticipates No Annual Capital Gains Distributions for the Claymore Exchange-Traded Funds
Dec 01, 2008 05:38 PM
Stock Traders Have the Advantage As "Stock Alerts" Average Almost 97% Winners
Nov 19, 2008 10:25 AM
Cliffs Natural Resources and Alpha Natural Resources Announce Litigation Settlement and Termination of Definitive Merger Agreement
Nov 17, 2008 04:52 PM
Releated SEC Filings
Form 4 Porco Joachim V For: Nov 14 (10K)
Nov 18, 2008 05:08 PM
Form 3 Alpha Natural Resources, For: Nov 04 Filed by: BANBURY GARY W (10K)
Nov 14, 2008 06:32 PM
Form 4 GALLAGHER DONALD J For: May 28 (10K)
Nov 14, 2008 10:05 AM
Form 4 Eldridge Barry J For: Nov 13 (10K)
Nov 14, 2008 09:21 AM
Form 4 CLIFFS NATURAL RESOURCES For: Nov 10 Filed by: Eldridge Barry J (10K)
Nov 12, 2008 10:14 AM
Bookmark This Article
Email Article
Send this article by email
Recipient's Name
Recipient's E-mail
Your Name
Your E-mail
Rate
:
Rate this Commentary
Number of Comments
(0)
Post Comment
Good Rating(+1)
Bad Rating(-1)
No Data Found
Section:
Message:
Home
|
Login
|
Research
|
Earnings
|
Scans
|
Chat Rooms
|
Charts
|
Submit Article
|
Join Blog Network
|
Contributors
|
copryright 2008 all rights reserved
