04/11/2008 - 09:13

Cleveland wraps up takeover of Portman

04/11/2008 - 09:13

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United States company Cleveland Cliffs has ended its takeover of iron ore miner Portman Ltd with a 99.27 per cent interest, boosted by acceptances to its offer and on-market purchases.

United States company Cleveland Cliffs has ended its takeover of iron ore miner Portman Ltd with a 99.27 per cent interest, boosted by acceptances to its offer and on-market purchases.

The takeover deadline closed yesterday afternoon, with Portman's share price closing down 30 cents to $21.20. This morning, shares in the company were at $21.12 at 11:16 AEDT.

Earlier last week, Cleveland announced that it would speed up its takeover of Portman by making on-market purchases of shares, however stressed it would not pay more than the takeover offer amount of $21.50.

At that time, Cleveland held a 94.86 per cent interest.

In a notice to the stock market this morning, the US company said it had purchased 78,473 Portman shares, or 0.5 per cent.

Cleveland will now move to compulsorily acquire the remainder of the Portman shares it does not own, and will de-list the company from November 11.

The closure of the Portman takeover signals a three year end to Cleveland's bid for the company, when in 2005 it launched its initial takeover of Portman but fell short of the 90 per cent threshold but emerging with an interest of just over 80 per cent.

 

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