Cliffs Natural proposes Casablanca get three seats on reconstituted board

|About: Cliffs Natural Resources Inc. (CLF)|By:, SA News Editor

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.