The Rising Influence of Rising Affluence

[DewDiligence]

CLF concedes 2 seats to Casablanca by nominating 9 directors for 11 open seats; CLF also intends to exploit cumulative voting to elect as many of its 9 nominees as possible (using the votes cast for any of them):

http://www.sec.gov/Archives/edgar/data/764065/000076406514000072/clf2014prec14a.htm

Because the Board of Directors has nominated a slate of nine directors for the available 11 seats at the 2014 Annual Meeting of Shareholders, we expect that two nominees that were not nominated by the Board of Directors will be elected at the 2014 Annual Meeting of Shareholders. At this time, Casablanca is the only shareholder that has notified Cliffs of its intention to nominate directors for election at the 2014 Annual Meeting of Shareholders. Therefore, the Board of Directors expects that the remaining two board seats will be filled by two of the Casablanca nominees.

…If cumulative voting is in effect with respect to the election of directors, which we currently anticipate will be the case, the named proxies intend to cumulate the votes represented by the proxies they receive and distribute such votes in accordance with their best judgment in order to elect as many of the nominees of the Board of Directors as possible.

If CLF thinks granting two seats to Casablanca will foster some kind of compromise, I think they're badly mistaken.