COLUMBUS, Ohio (AP) -- Cleveland-Cliffs' largest shareholder may attempt to scuttle a proposed $8 billion buyout of coal company Alpha Natural Resources Inc.Hedge fund Harbinger Capital Partners owns 18.4 percent of the iron ore producer's stock, giving it enough weight to put any deal in jeopardy.
In a regulatory filing that followed the announced buyout last week, Phil Falcone's Harbinger Capital said the proposal was not in the best interests of shareholders.
The Wall Street Journal reported that Falcone is pushing for the sale of Cleveland-Cliffs Inc. An unidentified person familiar with Falcone's views told the Journal that Falcone believes commodity prices are nearing their peak and with global steel companies searching for fuel to feed their mills, now is the optimum time to sell.
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