Trump says US has a ‘golden share' in US Steel
Nippon Steel shares closed down 1.48% in Tokyo today, outstripping a fall of 0.89% in the benchmark Nikkei. (EPA Images pic)
WASHINGTON : US President Donald Trump said yesterday that the US had a 'golden share' in US Steel as part of a deal for Nippon Steel to buy the iconic American company.
It was not immediately clear what structural element of the deal Trump was referring to, but he said the share meant that Americans would have a 51% share in ownership of the steelmaker.
'We have a 'golden share', which I control, the president controls,' he told reporters at the White House. 'If that gives you total control, it's 51% ownership by Americans,' he added.
Nippon Steel and US Steel did not respond to requests for comment.
Today, a Nippon Steel executive told the Nikkei business daily the acquisition of US Steel required 'a degree of management freedom' to go ahead, in a sign that last-minute discussions continue regarding the deal structure.
'The idea to contribute to the revival of US manufacturing (through Nippon Steel's investment) is in line with the US administration's policy,' Nikkei quoted the unidentified executive as saying.
'Without a degree of management freedom, it may not be possible to reach an agreement with the US government,' the executive said.
At a rally in Pennsylvania on May 30, Trump lauded a deal between the companies, calling Nippon Steel a 'great partner' for US Steel.
However, he later told reporters the deal still lacked his final approval, leaving unresolved whether he would allow Nippon Steel to take ownership.
Nippon Steel and the Trump administration asked a US appeals court on June 5 for an eight-day extension of a pause in litigation, to give them more time to reach a deal for the Japanese firm to buy US Steel for US$14.9 billion.
Nippon Steel shares closed down 1.48% in Tokyo today, outstripping a fall of 0.89% in the benchmark Nikkei.
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