Cliffs concession may not be enough

Jun 11, 2014 | 04:58 PM | Nat Rudarakanchana

Tags  Cliffs Natural Resources, Casablanca Capital, iron ore, proxy fight, Lourenco Goncalves, lawsuit, John Pope, J. Cullen Rosen James Kirsch

NEW YORK — The proxy sparring match between Cliffs Natural Resources Inc. and activist hedge fund Casablanca Capital LP looks poised to continue, even as the country’s largest iron ore miner agreed to concede at least two seats on its 11-person board.

"We believe that at least two of Casablanca’s proposed nominees will be elected to the Cliffs board, assuming that Casablanca continues its proxy contest," Cleveland-based Cliffs said.

Such a concession is "in the best interest" of all Cliffs shareholders, the board said. The company’s annual shareholder meeting is scheduled for July 29.

But the board concession might not be enough to convince New York-based Casablanca to back down from its months-long campaign to restructure Cliffs and install its own leadership (, March 7).....

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