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Wednesday, January 12, 2011

Cliffs looks to Asia with Consolidate bid, (NYSE: CLF), (TSE: CLM)

Cliffs Natural Resources's (CLF.N) C$4.07 billion ($4.1 billion) acquisition of Canada's Consolidated Thompson (CLM.TO) will give the U.S.-based miner a foot in the door with Chinese buyers, as it looks to boost sales to Asia. Cleveland, Ohio-based Cliffs said late on Tuesday it would buy Consolidated Thompson Iron Mines in a friendly C$17.25 a share deal. Montreal-based Consolidated has about 236 million shares outstanding, according to Thomson Reuters data. The deal price, including assumed debt, comes to C$4.9 billion, Cliffs said.