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Activist Hedge Fund Claims Victory at Mining Company Cliffs Natural Resources

NYT – The results aren’t in yet for the board election at Cliffs Natural Resources, the mining company. But the activist hedge fund seeking control of the board is feeling confident enough to declare victory anyway.

The fund, Casablanca Capital, said on Tuesday that all six of its director nominees prevailed at the company’s annual meeting. Its announcement was based on preliminary estimates by the proxy advisory firm Okapi Partners, which people briefed on the matter said showed a meaningful margin of victory.

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