Harbinger to raise stake in Cleveland-Cliffs

Reuters – Hedge fund Harbinger Capital Partners said on Thursday it is seeking approval from Cleveland Cliff’s shareholders to boost its ownership stake to as much as a third of the iron-ore company.

Harbinger — already Cleveland-Cliffs’ largest shareholder — opposes Cleveland Cliffs’ proposed takeover of Alpha Natural Resources, saying it believes the Alpha deal is not in the best interest of shareholders.

The fund said in a regulatory filing that it has asked Cliffs for a shareholder vote that would allow Harbinger to acquire shares that would bring its ownership up to more than one-fifth, but less than one-third, of Cliffs’ outstanding shares.

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