Cleveland-Cliffs to buy Canadian steelmaker Stelco for $2.8 billion
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Wolfe Research Reiterates Underperform Rating on Cleveland-Cliffs (CLF) Following Bid for Stelco
July 15, 2024 12:20 PM EDTWolfe Research analyst Timna Tanners reiterated an Underperform rating and $12.00 price target on Cleveland-Cliffs (NYSE: CLF)
The analyst comments "STLC deal makes operating sense... Mon's announced US$2.5B acquisition of Stelco (STLC, not covered) makes strategic sense operationally, in our view, but adds operating leverage into what we consider a challenging sheet mkt outlook. Under the pending deal, CLF would pay C$70/shr for STLC, an 87% premium to its July 12 closing price, split between C$60/shr cash and C$10/shr equity at an 0.454... More
Cleveland-Cliffs to buy Stelco in a $2.5 billion cash-and-stock deal, shares down
July 15, 2024 6:39 AM EDTU.S. steelmaker Cleveland-Cliffs (NYSE: CLF) announced on Monday its acquisition of Canadian steel company Stelco Holdings in a deal worth $2.5 billion.
Cleveland-Cliffs will pay C$60 per share in cash and 0.454 of a share in stock. The total enterprise value of the deal is about C$3.4 billion. The offer represents an 87% premium to Stelcos closing share price of C$37.36 on July 12, 2024, and a 37% premium to Stelcos 52-week... More
