Cliffs Natural Resources Inc said on Tuesday it expects at least two nominees proposed by activist investor Casablanca Capital will be appointed to the mining company's board at its annual meeting set for July 29.Cliffs said that based on discussions with various shareholders, its board believes it is in shareholders best interests for a slate of nine directors to be nominated for its 11-person board."As a result ... we believe that at least two of Casablanca's proposed nominees will be elected to the Cliffs board, assuming that Casablanca continues its proxy contest," Cliffs said in a press release released along with its proxy statement. It does not endorse the election of any of Casablanca's nominees, Cliffs said.Casablanca, a New York-based hedge fund, declined to comment.
Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 0.76% or $-0.11/share to $14.42. In the past year, the shares have traded as low as $14.29 and as high as $28.98. On average, 5732640 shares of CLF exchange hands on a given day and today's volume is recorded at 2706327.
Source
