DOW JONES NEWSWIRES Cliffs Natural Resources Inc. (CLF) has obtained Industry Canada approval for its acquisition of Consolidated Thompson Iron Mines Ltd. (CLM.T), a Montreal-based mining company focused on iron ore. Cliffs first announced the proposed C$4.9 billion all-cash transaction in January. It said Canadian Industry Minister Tony Clement gave his approval under the Investment Canada Act on the basis that the transaction is likely to be of net benefit to Canada. Cliffs still needs approval from the Chinese Ministry of Commerce to close the acquisition. Subject to the Chinese approval and certain other conditions, Cliffs anticipates closing the acquisition early in the second quarter of 2011. China-based steelmaker Wuhan Iron & Steel Co. owns about 19% of Consolidated Thompson. Canada's Clement is currently reviewing the controversial merger between TMX Group Inc. (X.T) and London Stock Exchange Group PLC (LSE.LN) under the same Investment Canada Act, as well as a deal between Encana Corp. (ECA) and PetroChina Co. (PTR) to develop hard-to-reach natural-gas reserves. Last year, he made the controversial decision to reject BHP Billiton Ltd.'s (BHP) takeover of Potash Corp. of Saskatchewan (POT). -By Carolyn King, Dow Jones Newswires; 416-306-2100; carolyn.m.king@dowjones.com
