US Steel shareholders approve $14,9 billion takeover by Nippon Steel

US Steel Shareholders Approve Nippon Steel's $14,9 Billion Buyout

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US Steel shareholders on Friday approved Nippon Steel's proposed $14,9 billion acquisition of Japan, as planned, bringing the merger one step closer to completion even as political opposition to the deal grows. intensifies.

A merger under close surveillance

The announcement that US Steel shareholders had approved its acquisition by Nippon Steel marked a turning point in the American and Japanese industrial landscape. With more than 98% of the votes in favor of the agreement, this $55 per share merger nevertheless raises growing concerns about its impact on national security and jobs in the United States.

Opposition and political uncertainties

Several U.S. lawmakers have expressed opposition to the deal, citing national security concerns. President Joe Biden himself has stressed the importance of keeping US Steel under American ownership, reflecting the uncertainty surrounding regulatory approval of the merger.

The reaction of the United Steelworkers union

The United Steelworkers (USW) union sharply criticized the deal, fearing job losses despite assurances from Nippon Steel not to make any job cuts. This position highlights the tensions between financial interests and worker protection.

In-depth regulatory review

The Committee on Foreign Investment in the United States (CFIUS) as well as the US Department of Justice have initiated in-depth reviews of this merger, signaling increased vigilance on the implications of such transnational transactions.

Nippon Steel’s commitments

Nippon Steel has committed to not downsizing and honoring all existing agreements between US Steel and its employees, while moving its own US headquarters to Pittsburgh. These commitments aim to reassure about the impact of the merger on employment and the local economy.

A promising future?

Despite regulatory and political challenges, Nippon Steel is confident in the acquisition's ability to "protect and grow US Steel", promising significant benefits for both stakeholders and the US steel industry and the country in his outfit.

Conclusion

This merger between US Steel and Nippon Steel not only represents a major transformation for both companies but also raises important questions about the future of the steel industry, national security, and jobs in the United States. As authorities continue to review this agreement, the outcome remains uncertain, but could redefine international industrial relations for years to come.

Credits

Sources used for this article:

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US Steel Shareholders Approve Nippon Steel's $14,9 Billion Buyout

Virginie Majaux

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