Cliffs Natural Resources Adds Consolidated Thompson Iron Mines (CLF)

Cliffs Natural Resources Inc. CLF is down in after hours after the iron ore miner announced it was buying Consolidated Thompson Iron Mines Limited for C$4.9 Billion, or C$17.25 in cash per share. Joseph A. Carrabba, Cliffs' chairman, president and chief executive officer, said, "The acquisition of Consolidated Thompson will combine a low-operating risk profile with access to high-growth global markets and broaden our exposure to seaborne iron ore prices. We have followed Consolidated Thompson closely since its founding in 2006, and have been very impressed with its significant progress and development to date. We are also enthusiastic about expanding our investment in Eastern Canada, where we have over 45 years of experience and where the regulatory environment, political system and environmental stewardship are consistent with our core values." At last check, shares of CLF were down $1.96 to $83.00 in after hours trading.