Cleveland-Cliffs

Cleveland-Cliffs announced its $10 billion bid for Alpha Natural Resources Inc., the Abingdon, Va., operator of coal mines and processing plants, on July 16.

Cleveland-Cliffs Investor 2008

Cleveland-Cliffs Chief Executive Joseph A. Carrabba said in an interview Thursday that the company's growth strategy is more valuable to shareholders than any takeover offer could be at this time.

Cleveland-Cliffs Investor 2008

The seeming lack of communication between the company and its No. 1 shareholder, and the resulting doubt that was cast on the Alpha takeover, boosted speculation that Cleveland-Cliffs itself would end up in play.

Cleveland-Cliffs Investor 2008

The takeover's need for shareholder approval makes Mr. Falcone's blessing all but mandatory for Cleveland-Cliffs to get a deal done.

Cleveland-Cliffs Investor 2008

Mr. Falcone, who controls almost 20% of the company including shares and derivatives, says the run-up in commodities prices makes this the ideal time for Cleveland-Cliffs to focus on a sale.

Cleveland-Cliffs Investor 2008

The company "has received generally positive feedback on the deal from shareholders" and Wall Street analysts, Cleveland-Cliffs spokesman Steve Baisden said Sunday.

Cleveland-Cliffs Investor 2008

J.P. Morgan Chase is to get a $15 million fee for advising Cleveland-Cliffs on its proposed $9 billion acquisition of Alpha Natural Resources;

Talk Is Cheap, 2008

Last week, it opposed the acquisition by iron-ore mining company Cleveland-Cliffs

Sunoco Bears Watching 2008

There are some clues as to the big payday: the seller's advisers usually get more than the buyer's; this is J.P. Morgan's first time working with Cleveland-Cliffs; J.P. Morgan stands to earn additional fees from financing the deal; and Citigroup has a long relationship with Alpha Natural, even advising the coal miner on several smaller deals for no fee.

Talk Is Cheap, 2008

Cleveland-Cliffs is open to speaking with Harbinger as it has in the past, he said.

Cleveland-Cliffs Investor 2008