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I’m sure that the absolute majority of readers have already heard the news: Cleveland-Cliffs (CLF) is buying AK Steel (AKS). In this deal, AK Steel shareholders will get 0.40 shares of Cliffs’ stock for each AK Steel share they own. Once the transaction is completed, Cliffs’ shareholders will own about 68% of the combined company while AK Steel shareholders will own the remaining 32% of the company. The fixed ratio implied a price of $3.36 per share of AK Steel or about $1.1 billion of market capitalization. Note that the ratio