Business Services Industry
Portman takeover talk sends shares zooming.
Australasian Business Intelligence, May, 2007
Byline: John Phaceas
May 28, 2007 (The West Australian - ABIX via COMTEX) -- US miner Cleveland-Cliffs warned in 2005 when it gained 80 of Portman that minority shareholders risked a declining share price. Shares in the Australian iron ore miner increased $A0.20 to $A7.30 on 28 May 2007, after trading to a peak of $A7.49. This compares with Cleveland's bid price of $A3.85 in 2005. Portman shares have risen 50 over the past six weeks, prompting a stockmarket price query. The share price rise is likely the result of speculation that Cleveland-Cliffs may be targeted by a group such as Companhia Vale Do Rio Doce or Arcelor Mittal.
Publication Date: 29 May 2007
PORTMAN LIMITED - ASX PMM
CLEVELAND-CLIFFS INCORPORATED
COMPANHIA VALE DO...
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