Harbinger comes out against purchase of Alpha Natural Resources
- July 21, 2008
The majority shareholder of coal and iron miner Cleveland-Cliffs has come out against the company’s decision to purchase Abingdon-based Alpha Natural Resources, according to Reuters.
Cleveland-Cliffs announced Wednesday it had agreed to purchase coal producer Alpha Natural Resources for $10 billion in cash and stock.
Harbinger owns 18 percent of the company. Under Ohio law, two-thirds of shareholders must approve the deal.
Harbinger recently bought up shares of Media General Inc., eventually ousting three of the company’s directors with its own nominations. Media General has since expanded its board to 11 members, adding back two former directors.