US firm reaches 90% of Portman

United States company Cleveland Cliffs will move to acquire the remaining shares in iron ore miner Portman Ltd after passing the 90 per cent threshold in its all-cash takeover bid.

Portman said Cleveland's voting power had reached 90.12 per cent, up from the previous stake of 89.8 per cent.

Cleveland is offering $21.50 cash for each Portman share with the offer scheduled ot close on November 3.

In 2005, Cleveland launched its initial takeover of Portman, offering $3.40 cash for each share before increasing the bid to $3.85, however fell short of the 90 per cent mark to compulsorily acquire the company.

Cleveland then upped its stake in Portman from 80.39 per cent to 85.19 per cent in June this year.