looks like any chance of a takeover of GWR by Cliffs is dead, atleast in the short term.
Cliff's have just spent their warchest.
"On July 2, 2010, Cliffs Natural Resources Inc. (the "Company") entered into a definitive purchase agreement with INR Energy, LLC ("Seller"), to acquire all of the privately held high-volatile metallurgical and thermal coal operations of the seller for $757 million through available liquidity, including cash on hand, and the Company's $600 million credit facility. INRs operations include two underground continuous mining method metallurgical coal mines the Powellton and Chilton-Dingess mines, and one open surface mine the Toney Fork #2 mine. In addition to these mines, INR is currently working on several other development projects within this same complex which Cliffs will actively pursue. "
GWR Price at posting:
79.5¢ Sentiment: Hold Disclosure: Held
