Shareholders shun Harbinger’s plans, support Cliffs
October 07, 08 by TheFleet
By MARK WILLIAMS | Source: Mining Journal
COLUMBUS, Ohio - A hedge fund lost the fight to double its holdings in Cleveland-Cliffs Inc. on Friday, a move that would have allowed it to block the iron ore miner’s $4 billion buyout of Alpha Natural Resources.
Cleveland-Cliffs shareholders on Friday voted against the request by Harbinger Capital Partners to buy up to a third of the company’s shares. Harbinger needed shareholder backing under state law.
