US will have golden share in Nippon Steel's takeover of US Steel, lawmaker says

[BumRushDaShow]

Source: Reuters

May 27, 2025 3:05 PM EDT Updated 4 hours ago


TOKYO/WASHINGTON, May 27 (Reuters) - The U.S. government will have veto power over key decisions relating to U.S. Steel (X.N), opens new tab, as part of a deal with Nippon Steel (5401.T) that would approve the Japanese firm's bid for the well-known American steel company, a U.S. lawmaker said on Tuesday. The details are laid out in what is called a national security agreement the companies will sign with the U.S. government, said Republican Senator David McCormick of Pennsylvania, where U.S. Steel is headquartered.

"It'll be a U.S. CEO, a U.S. majority board and then there will be a golden share, which will essentially require U.S. government approval of a number of the board members, and that will allow the United States to ensure production levels aren’t cut and things like that," he told CNBC in an interview after Nikkei reported that a golden share was under consideration.

It was not immediately clear if McCormick was announcing a new part of the deal beyond prior pledges made by the companies to the Committee on Foreign Investment in the U.S., which reviews foreign investments for national security risks and has reviewed Nippon Steel's bid for U.S. Steel twice.

But on Tuesday, investors appeared confident the deal would soon close, with U.S. Steel shares trading up 1.6% to $52.84 a share, close to their highest point since the deal was announced. U.S. President Donald Trump was expected to address the deal in a rally at a U.S. Steel plant in Pennsylvania this week.

Read more: https://www.reuters.com/business/us-government-may-hold-some-us-steel-shares-nippon-steel-deal-kyodo-says-2025-05-27/

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From the excerpt -

U.S. President Donald Trump was expected to address the deal in a rally at a U.S. Steel plant in Pennsylvania this week.

What the hell with these damn "rallies".

[pimpbot]

1. Maybe Biden should have had rallies

All the great things the infra bill did, and everything else great he did. Dems need to.learn how to toot thier own horn.

If Biden wasnt up for it, Harris should have been doing it.

Instead we let gop go back and take credit for projecta even when they voted against it.

[mahatmakanejeeves]

2. U.S. Steel situation gets even stranger

9 hours ago - Business

U.S. Steel situation gets even stranger

Dan Primack

The U.S. Steel saga is entering its ludicrous era, more than 17 months after the Pittsburgh-based company agreed to be acquired by Japan's Nippon Steel for around $15 billion.

Why it matters: None of this is working the way it's supposed to, and the chaos has opened the door for potential impropriety.

{snip}

Yes, but: U.S. Steel hasn't disclosed any of those details to investors, with its last securities filing coming more than two weeks ago. Nor has it even confirmed that the "partnership" still includes the $55 per share takeover price.

• Yet U.S. Steel shares began trading this morning on the New York Stock Exchange, whose guidelines for listed companies include efforts to "ensure timely disclosure of information that may affect security values or influence investment decisions, and in which shareholders, the public and the Exchange have a warrantable interest."

• Public company mergers almost always present the opportunity for insider trading, but this one seems particularly prone.

{snip}

[Nigrum Cattus]

3. "U.S. CEO, a U.S. majority board" doesn't mean shit

As we all know they can bought like cars.

[BootinUp]

4. Words. Nt