Cleveland-Cliffs Reports Acquisition of Stelco Holdings For Total Enterprise Value Of Approximately $2.5B
Portfolio Pulse from Benzinga Newsdesk
Cleveland-Cliffs (CLF) has announced the acquisition of Stelco Holdings for a total enterprise value of approximately $2.5 billion. Stelco shareholders will receive CAD $60.00 per share in cash and 0.454 shares of Cliffs common stock per Stelco share, totaling CAD $70.00 per share. The transaction has the support of the USW union and is expected to close in Q4 2024, pending shareholder and regulatory approvals.
July 15, 2024 | 10:02 am
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Cleveland-Cliffs (CLF) has announced the acquisition of Stelco Holdings for $2.5 billion. The deal includes cash and stock components and is expected to close in Q4 2024, pending approvals.
The acquisition is a significant move for Cleveland-Cliffs, potentially expanding its market presence and operational capacity. The support from the USW union and the structured payment plan add credibility to the deal, likely boosting investor confidence.
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