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The battle to acquire care home landlord Assura goes on, with Primary Health Properties setting out the attractions of its bid this morning.
Primary Health, a UK-listed peer of Assura, has made a bid rivalling KKR, the private equity firm which nudged up the value of its offer earlier in the week.
Primary Health said it won't reduce the value of its offer if Assura declares a special dividend, and lowered the acceptance conditions.
It added it disagrees with Assura's statement about the financial risks of its offer and that it has held talks with a number of possible joint venture partners.
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Washington Post
an hour ago
- Washington Post
Trump clears path for Nippon Steel investment in US Steel, so long as it fits the government's terms
WASHINGTON — President Donald Trump on Friday signed an executive order paving the way for a Nippon Steel investment in U.S. Steel , so long as the Japanese company complies with a 'national security agreement' submitted by the federal government. Trump's order didn't detail the terms of the national security agreement. But U.S. Steel and Nippon Steel said in a joint statement that the agreement stipulates that approximately $11 billion in new investments will be made by 2028 and includes giving the U.S. government a 'golden share' — essentially veto power to ensure the country's national security interests are protected.
Associated Press
an hour ago
- Associated Press
Trump clears path for Nippon Steel investment in US Steel, so long as it fits the government's terms
WASHINGTON (AP) — President Donald Trump on Friday signed an executive order paving the way for a Nippon Steel investment in U.S. Steel, so long as the Japanese company complies with a 'national security agreement' submitted by the federal government. Trump's order didn't detail the terms of the national security agreement. But U.S. Steel and Nippon Steel said in a joint statement that the agreement stipulates that approximately $11 billion in new investments will be made by 2028 and includes giving the U.S. government a 'golden share' — essentially veto power to ensure the country's national security interests are protected. 'We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership,' the two companies said. 'This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again.' The companies have completed a U.S. Department of Justice review and received all necessary regulatory approvals, the statement said. 'The partnership is expected to be finalized promptly,' the statement said. The companies offered few details on how the golden share would work and what investments would be made. Trump said Thursday that he would as president have 'total control' of what U.S. Steel did as part of the investment. Trump said then that the deal would preserve '51% ownership by Americans.' The Japan-based steelmaker had been offering nearly $15 billion to purchase the Pittsburgh-based U.S. Steel in a merger that had been delayed on national security concerns starting during Joe Biden's presidency. Trump opposed the purchase while campaigning for the White House, yet he expressed optimism in working out an arrangement once in office. 'We have a golden share, which I control,' said Trump, although it was unclear what he meant by suggesting that the federal government would determine what U.S. Steel does as a company. Trump added that he was 'a little concerned' about what presidents other than him would do with their golden share, 'but that gives you total control.' Still, Nippon Steel has never said it was backing off its bid to buy and control U.S. Steel as a wholly owned subsidiary. The proposed merger had been under review by the Committee on Foreign Investment in the United States, or CFIUS, during the Trump and Biden administrations. The order signed Friday by Trump said the CFIUS review provided 'credible evidence' that Nippon Steel 'might take action that threatens to impair the national security of the United States,' but such risks might be 'adequately mitigated' by approving the proposed national security agreement. The order doesn't detail the perceived national security risk and only provides a timeline for the national security agreement. The White House declined to provide details on the terms of the agreement. The order said the draft agreement was submitted to U.S. Steel and Nippon Steel on Friday. The two companies must successfully execute the agreement as decided by the Treasury Department and other federal agencies that are part CFIUS by the closing date of the transaction. Trump reserves the authority to issue further actions regarding the investment as part of the order he signed on Friday. ___ Associated Press writer Marc Levy in Harrisburg, Pa., contributed to this report.
New York Times
an hour ago
- New York Times
U.S. Steel and Nippon Steel Say Their ‘Partnership' Is Sealed
U.S. Steel and Nippon Steel announced on Friday that they had entered into an agreement with the U.S. government to seal the terms of a 'partnership' between the companies, more than a year after the Japanese steel maker first tried to buy its U.S. competitor. Former President Joseph R. Biden Jr., under pressure from the United Steelworkers union, blocked the deal on the basis that it was a threat to national security. President Trump, who also initially opposed the deal, reversed himself and decided to look for a way to revive it. The companies referred to the deal as a partnership, echoing language that Mr. Trump used in describing the transaction he blessed three weeks ago. But U.S. Steel has not indicated to shareholders that it has altered the $14.9 billion sale to Nippon that they approved in April last year. 'We thank President Trump and his administration for their bold leadership and strong support for our historic partnership,' the companies said in a statement. 'This partnership will bring a massive investment that will support our communities and families for generations to come.' The companies said they had entered into agreement with the U.S. government to alleviate any security concerns posed by the deal, known as a national security agreement, which calls for roughly $11 billion in new investments by 2028. The deal will also give the U.S. government a 'golden share' in the company, a rarely used practice through which the government takes a stake in company. In the United States, the government has typically taken a stake only in companies that are ailing or in particular need of government attention, like General Motors during the 2008 financial crisis. This is a developing story. Check back for updates.
