WA Business News reported that Cleveland Cliffs is looking to wrap up its takeover of iron ore miner Portman Limited quickly by announcing that it will make on market purchases at a possible discount to its USD 21.50 cash offer.

Cleveland Cliffs has already gained a 94.86% interest in Portman, with the offer due to close on November 3rd 2008.

In a statement, Cleveland said that it may buy Portman shares however it will not pay more than its takeover price of USD 21.50 per share

A spokesperson for Cleveland told that it is offering the opportunity for Portman shareholders to receive cash for their shares in a matter of days, rather than having to wait months through the normal route of compulsory acquisition.