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Cleveland-Cliffs and AK Steel Receive Approvals to Complete Acquisition

Steel News - Published on Mon, 24 Feb 2020

Image Source: Cleveland-Cliffs AK Steel
Cleveland-Cliffs Inc and AK Steel Holding Corporation announced that they have now received all of the necessary regulatory approvals in connection with their proposed merger transaction. Under the pending transaction, Cliffs would acquire all of AK Steel’s outstanding shares pursuant to the Agreement and Plan of Merger entered into by Cliffs and AK Steel providing for the merger of a subsidiary of Cliffs with and into AK Steel, with AK Steel surviving as a wholly owned subsidiary of Cliffs. Cliffs and AK Steel received confirmation of clearance from the Mexican Competition Commission. The companies previously received the necessary regulatory clearance pursuant to the Competition Act (Canada) and early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Together, these matters satisfy certain conditions for the closing of the proposed Merger related to obtaining regulatory approvals and clearances.

The transaction is currently scheduled to close on March 13, 2020 and remains subject to adoption by AK Steel’s stockholders of the Merger Agreement and approval by Cliffs’ shareholders of the Merger Agreement and the transactions contemplated thereby, including the issuance of new Cliffs’ shares in connection with the proposed Merger. Cliffs and AK Steel urge all shareholders to vote in favor of the proposed Merger as promptly as possible.

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Posted By : Yogender Pancholi on Mon, 24 Feb 2020
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