July 16, 2008 at 13:54 PM EDT
Cleveland-Cliffs To Acquire Alpha Natural Resources
Cleveland-Cliffs Inc. (NYSE: CLF) announced that it will purchase coal producer Alpha Natural Resources Inc. (NYSE: ANR) in a cash and stock deal valued at approximately $10 billion. Shares of Cleveland-Cliffs plummeted $11.74 to $99.72 while Alpha Natural Resources stock leaped $9.49 to $104.41.

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