Cliffs Natural Resources sets Nov. 21 meeting date for merger vote

By Lisa Kerner

Charlotte, N.C., Oct. 23 - Cliffs Natural Resources Inc. (formerly Cleveland-Cliffs Inc.) will hold a special meeting of stockholders on Nov. 21 to vote on the company's proposed $10 billion cash and stock buyout of Alpha Natural Resources Inc.

It was previously reported that Cliffs Natural Resources' board of directors adopted a shareholder rights plan to protect the company and its shareholders from "potentially coercive" takeover practices or takeover bids.

In addition, the company's shareholders rejected Harbinger Capital Partners' control share acquisition proposal at a special meeting held Oct. 3.

Harbinger wanted to acquire more than one-fifth but less than one-third of the company's shares outstanding. The Harbinger investors beneficially own 15.57% of the company's total issued and outstanding shares, according to a prior news release.

Alpha Natural Resources, located in Abingdon, Va., supplies Appalachian coal to the steel industry, electric utilities and other industries.

Cliffs Natural Resources, a mining company, produces iron ore pellets in North America and supplies metallurgical coal to the steelmaking industry. The company is based in Cleveland.

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