Cliffs Natural Resources will purchase Canada’s Consolidated Thompson Iron Mines for about $4.95 billion, The Wall Street Journal reports. Cliffs tendered an all-cash bid of $17.45 a share for Thompson.
The transaction is expected to be completed by the second quarter of 2011. The deal is expected to generate about $75 million in synergies and will add to Cliffs per-share earnings and cash flow beginning this year.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.