Cliffs pays £2.64bn for Consolidated Thompson

first_img Tags: NULL KCS-content Wednesday 12 January 2011 7:19 pm whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition Cliffs pays £2.64bn for Consolidated Thompson Sharecenter_img whatsapp CLIFFS Natural Resources has agreed to buy Canada’s Consolidated Thompson Iron Mines for C$4.07bn (£2.64bn), aiming to expand its capacity to feed Asia’s appetite for iron ore.The Cleveland, Ohio-based iron ore and coal miner said it wants to be able to cater to booming markets like China and India that are undergoing rapid urbanisation.“It was just a matter of time as to when Cliffs would step in to buy Consolidated Thompson,” said Stonecap Securities analyst Gary Hon, pointing to the proximity of the two companies’ Quebec operations.Cliffs will pay C$17.25 a share for Consolidated Thompson, which has about 236m shares outstanding. Consolidated’s largest shareholder has accepted the offer.The price represents a 29 per cent premium on Consolidated’s close on the Toronto Stock Exchange. The deal price, including assumed debt, comes to C$4.9bn, Cliffs said.The deal could expand Cliffs’ projected 2011 North American ore sales by more than a quarter to about 34.5m tons. Read This Next’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe WrapHow HGTV’s ‘Renovation Island’ Changed Bryan and Sarah Baeumler’sThe Wrap’Bridgerton’ Stars Phoebe Dynevor and Nicola Coughlan on Daphne andThe WrapBest Wine Gifts & Wine Accessories at Every PriceGayot’Hitman’s Bodyguard’s Wife’ Earns $17 Million 5-Day Opening as Box OfficeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The WrapEverything We Know, or Think We Know, About the Time-Keepers on ‘Loki’The Wrap’The Crown’: What Went Into Finding Princess Diana and Margaret ThatcherThe Wrap Show Comments ▼ last_img

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