Cliffs Natural Resources has signed an agreement with Consolidated Thompson Iron Mines to acquire all of Consolidated Thompson’s common shares for C$4.9bn (US$4.96bn) at C$17.25 a share.
The acquisition is expected to enhance Cliffs’ profile as one of the largest mining and natural resources companies in North America, with significant exposure to Asia, according to the company.
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Post-acquisition, Cliffs’ global mine portfolio will include ten iron ore facilities, six coal mines and a pre-feasibility chrome-development project across North America, South America and Australia.
Cliffs Resources chairman, president and CEO Joseph Carrabba said the acquisition will combine a low-operating risk profile with access to high-growth global markets and broaden its exposure to seaborne iron ore prices.
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