Cliffs Natural Still Weighing Next Step In KWG Fracas
07 Juni 2010 - 3:17PM
Dow Jones News
Cliffs Natural Resources Inc. (CLF) said it continues to review
whether it will make a formal bid for KWG Resources Inc. (KWGBF)
after its was rebuffed last month in its bid to gain majority
control over a Northern Ontario chromite project.
Cliffs Natural on Monday said it is firmly committed to its May
proposed offer of 13 Canadian cents for the shares in Canadian
companies KWG and Spider Resources Inc. (SDERF) that it doesn't
already own. At the time it held 19% of KWG and 3% of Spider.
Cliffs, which has a 47% interest in the project and could gain
control by acquiring either of the companies, which each own a
26.5% stake.
Both companies panned Cliffs' offer last month and a day later
KWG entered a binding letter of intent to merge with Spider, making
it more difficult for Cliffs to get control of the project. The
combined company would keep the KWG name.
Neither KWG nor Spider have significant assets outside the
chromite project.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com;
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