The deal, which has received support from the International President of the USW union, is expected to close in the fourth quarter
for C$3.85-billion , marking its first acquisition since a failed bid for rival U.S. Steel last year.
Cliffs has offered C$60.00 in cash and 0.454 shares of its common stock for each Stelco share held, or a total of C$70.00. Stelco’s shares last closed at C$37.36. However, U.S. Steel called the bid “unreasonable” and instead decided to merge with Japanese steel giant Nippon Steel for $14.9-billion.
Stelco Company Cent Cleveland-Cliffs Steel United States Bid Acquisition United Steelworkers U.S. Steel Ontario
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