Cleveland-Cliffs gets final approvals for Stelco; deal to close on Friday

seekingalpha

2024-10-31

Taitai6769/iStock via Getty Images

Cleveland-Cliffs (CLF) said it won the final approvals needed for its planned $2.5 billion purchase of Stelco (OTCPK:STZHF) and the deal is scheduled to close on Friday.

Cleveland-Cliffs (CLF) received approvals under the Investment Canada Act and Strategic Innovation Fund, the steelmaker said in a statement earlier on Wednesday.

Cleveland-Cliffs (CLF) agreed to pay C$70/share, consisting of C$60/share in cash plus 0.454 common shares for each Stelco (OTCPK:STZHF) share owned, in July.

Stelco (OTCPK:STZHF) ADRs edged higher by 0.7% on Wednesday.

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deal to close on Friday","media":"seekingalpha","content":"<html><body><figure> <picture> <img height=\"2707px\" sizes=\"(max-width: 768px) calc(100vw - 36px), (max-width: 1024px) calc(100vw - 132px), (max-width: 1200px) calc(66.6vw - 72px), 600px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1163344935/image_1163344935.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1163344935/image_1163344935.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1163344935/image_1163344935.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1163344935/image_1163344935.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1163344935/image_1163344935.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1163344935/image_1163344935.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1163344935/image_1163344935.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1163344935/image_1163344935.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1163344935/image_1163344935.jpg?io=getty-c-w240 240w\" width=\"4061px\"/> </picture> <figcaption><p>Taitai6769/iStock via Getty Images</p></figcaption> </figure><p>Cleveland-Cliffs (CLF) said it won the final approvals needed for its planned $2.5 billion purchase of Stelco (OTCPK:STZHF) and the deal is scheduled to close on Friday. </p> <p>Cleveland-Cliffs (CLF) received approvals under the Investment Canada Act and Strategic Innovation Fund, the<span> steelmaker said in a statement earlier on Wednesday. </span></p> <p>Cleveland-Cliffs (CLF) agreed to pay C$70/share, consisting of C$60/share in cash plus 0.454 common shares for each Stelco (OTCPK:STZHF) share owned, in July.</p> <div></div><p>Stelco (OTCPK:STZHF) ADRs<span> edged higher by 0.7% </span>on Wednesday.</p> </body></html>","source":"seekingalpha_trending_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Cleveland-Cliffs  received approvals under the Investment Canada Act and Strategic Innovation Fund, the steelmaker said in a statement earlier on Wednesday.  Cleveland-Cliffs  agreed to pay C$70/share, consisting of C$60/share in cash plus 0.454 common shares for each Stelco  share owned, in July. Stelco  ADRs edged higher by 0.7% on Wednesday.","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CLF.AU":"Concentrated Leaders","BK4585":"ETF&股票定投概念","BK4006":"钢铁","BK4588":"碎股","CLF":"克利夫兰克里夫"},"translate_title":"Cleveland-Cliffs获得Stelco的最终批准；交易将于周五完成","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CLF":1,"CLF.AU":1,"STZHF":0.9},"content_text":"Taitai6769/iStock via Getty Images Cleveland-Cliffs (CLF) said it won the final approvals needed for its planned $2.5 billion purchase of Stelco (OTCPK:STZHF) and the deal is scheduled to close on Friday.  Cleveland-Cliffs (CLF) received approvals under the Investment Canada Act and Strategic Innovation Fund, the steelmaker said in a statement earlier on Wednesday.  Cleveland-Cliffs (CLF) agreed to pay C$70/share, consisting of C$60/share in cash plus 0.454 common shares for each Stelco (OTCPK:STZHF) share owned, in July. Stelco (OTCPK:STZHF) ADRs edged higher by 0.7% on Wednesday.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}