14/10/2008 - 09:18

Cleveland creeps to 90% in Portman bid

14/10/2008 - 09:18

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United States company Cleveland Cliffs has edged closer to the 90 per cent mark in its takeover bid for iron ore miner Portman Ltd.

United States company Cleveland Cliffs has edged closer to the 90 per cent mark in its takeover bid for iron ore miner Portman Ltd.

In a notice to the market this morning, Cleveland's stake in the Mid West miner climbed from 85.19 per cent, before the bid was launched, to 89.8 per cent.

In its bidder's statement, Cleveland said it will compulsorily acquire the remaining shares when it has acquired at least 75 per cent of shares it does not already own.

Last month, Cleveland launched an all cash bid of $21.50 for each Portman share.

Portman directors have recommended to shareholders to accept the bid.

The offer is scheduled to close on November 3.

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