Japan’s Nippon Steel on Monday announced that it will buy U.S. Steel for $14.9 billion.
Why it matters: One of America’s most iconic companies will be owned by a foreign entity, despite domestic interest earlier this year.
Details: The $55 per share offer represents around a 40% premium to where Pittsburgh-based U.S. Steel shares ended trading on Friday.
- It’s also substantially higher than the rebuffed bids from American rivals Cleveland Cliffs and Esmark.
- Nippon says it will honor all of U.S. Steel’s existing labor union agreements.
- The deal will require regulatory approvals.
Source : AXIOS
