Cliffs Natural says activist investor rejects offer to end proxy fight

March 7 Fri Mar 7, 2014 6:48am EST

March 7 (Reuters) - Iron ore producer Cliffs Natural Resources Inc said Casablanca Capital LP rejected an offer to settle a proxy fight and the activist investor was seeking full control of the company's board.

Cliffs said it offered to allow Casablanca appoint two independent directors to the board. A third director was to be appointed on mutual agreement.

Casablanca, Cliffs' fifth-largest shareholder with about a 5 percent stake, nominated six directors for election on Thursday.

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