Cliffs Natural proposes Casablanca get three seats on reconstituted board

• Cliffs Natural Resources (CLF +5.1%) proposes a settlement with Casablanca Capital, where the hedge fund would receive three seats on a reconstituted CLF board consisting of nine directors.
• CLF says a new board chairman will be elected regardless of whether Casablanca accepts the settlement offer.
• If Casablanca does not accept, CLF says its board would remain at 11 members, and the company believes at least two of Casablanca's nominees would be elected.