Despite a slowing Australian equity market, lawyers from Mallesons and Blakes acting on Cleveland-Cliffs' takeover bid for Portman Mining (A$528.4m) are looking at a decent pay packet.

Portman is believed to have estimated its transaction costs for the takeover will run up to A$2.5m, which will be shared by Blake Dawson, led by Roger Davies, Azure Capital, led by Simon Price and KPMG.

Cleveland-Cliffs has yet to estimate its transaction costs but are understood to total the same amount. It is currently being advised by Mallesons, led by Nigel Hunt, and Wilson HTM, led by Wayne Seabrook.

Confirmation has been sought from Mallesons and Blakes.

Cleveland-Cliffs is funding its offer through existing cash reserves and by drawing down its existing US$600m revolving credit, with a syndicate of banks led by Bank of America.

Portman holds a 19.9% stake in Golden West, which may raise the complexity of the transaction. But the 1,300 remaining Portman shareholders are likely to be pleased with Cleveland's A$21.50 per share offer, which KMPG estimates to be a 50% premium on its value.