Cleveland-Cliffs Surges on Report of Takeover by Vale (Update4)
By Dale Crofts
May 25 (Bloomberg) -- Shares of Cleveland-Cliffs Inc., North America's largest producer of iron-ore pellets, rose the most in 22 months on speculation the company may be acquired by Cia. Vale do Rio Doce, the world's biggest iron-ore producer.
Cleveland-Cliffs, based in Cleveland, is ``said to be in talks on a possible acquisition'' by Rio de Janeiro-based Vale, American Metal Market reported on its Web site late yesterday. The news service didn't say where it got the information and provided no other details.
