Cleveland-Cliffs to buy AK Steel for $1.1 billion in stock [MarketWatch]
Cleveland-Cliffs Inc. (CLF)
Last cleveland-cliffs inc. earnings: 2/20 07:00 am
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clevelandcliffs.com/investors/overview/default.aspx
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Source: MarketWatch
Cleveland-Cliffs to buy AK Steel for $1.1 billion in stock Cleveland-Cliffs CLF, +5.26% said it's reached a deal to buy AK Steel AKS, +4.71% for $1.1 billion, or $3.36 a share. AK Steel shared closed Monday at $2.89. Each AK Steel shareholder will receive 0.40 Cliffs share under the pact the two companies agreed. The combination is expected to generate approximately $120 million of annual cost synergies to be fully realized within the first 12 months after closing. Lourenco Goncalves, the chairman and CEO of Cliffs, will lead the expanded organization, and AK Steel CEO Roger Newport will retire. Moelis & Company LLC and Credit Suisse are acting as financial advisors to Cliffs, while Goldman Sachs advised AK Steel.
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CLF
News
- Cleveland-Cliffs Inc. (NYSE: CLF) had its price target lowered by analysts at Morgan Stanley from $20.00 to $19.00. They now have an "equal weight" rating on the stock.MarketBeat
- Cleveland-Cliffs Inc. (NYSE: CLF) had its price target lowered by analysts at B. Riley from $25.00 to $24.00. They now have a "buy" rating on the stock.MarketBeat
- Norfolk Activist Wins Support From Glass Lewis for CEO Ouster [BNN Bloomberg (Canada)]BNN Bloomberg
- UPDATE 1-Cleveland-Cliffs backs Ancora in Norfolk Southern proxy battle, Bloomberg says [Yahoo! Finance]Yahoo! Finance
- Cleveland-Cliffs backs Ancora in Norfolk Southern proxy battle, Bloomberg says [Yahoo! Finance]Yahoo! Finance
CLF
Earnings
- 4/22/24 - Miss
CLF
Sec Filings
- 5/3/24 - Form 8-K
- 5/1/24 - Form 4
- 5/1/24 - Form 4
- CLF's page on the SEC website