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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (24405)	2/25/2005 12:35:18 PM
From: RealMuLan	Respond to of 116555

Portman rethinks bid price By Andrew Trounson 25feb05 TRADING in takeover target Portman Mining was halted yesterday as the board considered reversing its recommendation on Cleveland-Cliffs's $605 million offer and pressuring the US miner to raise its bid after this week's massive 71.5 per cent jump in benchmark iron ore prices to Japan. Portman expects to make an announcement by Monday and risks incurring a $6 million break fee. But the board is under pressure to seek a higher offer with Portman shares last trading at $3.72, well above Cleveland-Cliffs's-per-share $3.40 offer. Flowing on from the iron ore price settlement, BHP Billiton has reportedly secured a 63 per cent rise in the annual price of manganese that is used to harden steel. The news sent shares in smaller producer Consolidated Minerals up nearly 11 per cent, the stock gaining 35c to $3.59. Meanwhile, China's largest steelmaker Baosteel has condemned the Japanese price settlement as unfair and is so far refusing to cave-in. "Baosteel will continue price negotiations with each major supplier, and seek a price that is acceptable to both parties," the company said. As the world's largest steel market and the major source of demand growth, China may have more leverage in price talks than the Japanese. heraldsun.news.com.au