Casablanca Unveils Cliffs Board Slate

Mar 7 2014 | 4:07am 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.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...