US company lifts stake in Portman

United States based company Cleveland-Cliffs has increased its stake Perth company Portman Ltd to 85.2 per cent.

The increase comes on the back of Portman's share buy-back of 9.7 million fully paid ordinary shares for a total value of $143.2 million. Portman had originally planned a buy-back of 16.5 million shares for a total of $241 million.

Prior to the buy-back, Cleveland-Cliffs held an 80.4 per cent interest.