Cliffs goes after Spider

摘要

Iron ore and coal giant Cliffs Natural Resources (clf-n) has raised its offer for Spider Resources (SPQ-V) by 27% to 109 million dollars, putting a wrench in Spider's plans to merge with KWG Resources (kwg-v), and starting a potential bidding war for control of the Big Daddy chromite deposit in the McFaulds Lake area of northwestern Ontario. All three companies hold minority stakes in the project but Cliffs, with 47%, made its intentions for control known in late May, when it said it would send takeover offers to both KWG and Spider, which each hold 26.5% with the option to hold 30% apiece.