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Cleveland ups Portman offer

CLEVELAND Cliffs has been forced to raise its offer for Australian iron ore miner Portman Mining to $685 million, or $3.85 per share, in the wake of the massive iron ore price rises won by major producers CVRD and Rio Tinto this week.

Michael Quinn
Cleveland ups Portman offer

The offer is said to be final and free of all conditions if Cleveland has 51% of Portman’s shares in the bag by March 8. The Portman board has again recommended shareholders accept the offer, though...

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