Wednesday, 26 April 2017
Last updated 38 min ago
Mar 7 2014 | 3:07am ET
Casablanca Capital has made its battle with Cliffs Natural Resources official.
The hedge fund yesterday formally nominated six director candidates to Cliffs’ board, including its own CEO, Douglas Taylor, and Lourenco Goncalves, its designated CEO candidate. If its entire slate succeeds, it would give Casablanca control of Cliffs’ board.
Casablanca wants Cliffs to spin off its international operations and to restructure its U.S. business as a master-limited partnership. The hedge fund owns a 5.2% stake in the mining company.
Cliffs’ annual meeting is on May 13.
In addition to Taylor and Goncalves, Casablanca has nominated former Goldman Sachs banker Rip Fisher, Stillwater Mining director Patrice Merrin, former Nucor Corp. executive Joseph Rutkowski and Studio Investimentos managing partner Gabriel Stoliar.