Casablanca Unveils Cliffs Board Slate

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.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...