Latest news with #Acquisition
CNA
15 hours ago
- Business
- CNA
Trump hails Nippon Steel as 'great partner' for US Steel in rally
WEST MIFFLIN, Pennsylvania: US President Donald Trump on Friday lauded an "agreement" between Nippon Steel and US Steel at a political rally but stopped short of clarifying whether he planned to approve the companies' diplomatically sensitive merger. On a Pittsburgh, Pennsylvania-area stage decorated with signs celebrating "American steel", Trump declared the American steel company would remain American, while extolling its new Japanese partner. It is unclear whether he approves of a deal giving Nippon ownership, as sought by the firms, or whether he had formally given the merger the green light. "We're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company," Trump told more than 1,600 people, including workers. "You're going to stay an American company, you know that, right? But we're going to have a great partner." The Japanese firm's planned acquisition of US Steel, initially floated in 2023, divided the politically important state of Pennsylvania and its heavily unionised blue-collar workforce, and introduced tension into the normally friendly relations between Tokyo and Washington. Proponents of the transaction had hoped Trump's visit would end a tumultuous 18-month effort by Nippon Steel to buy the iconic American company, beset by opposition from union leadership and two national security reviews. Trump said the company would be "controlled by the USA", that no layoffs or outsourcing would occur, and that Nippon would invest billions of dollars to modernise US steel mills to increase production. He also announced a plan, set to be implemented next week, to hike tariffs on imported steel from 25 per cent to 50 per cent. But Trump's remarks on Friday shed no further light on the contours of a deal that he would approve or whether a formal green light was in the offing. "I have to tell you about Nippon, they kept asking me over and I kept rejecting – no way," Trump said, adding "I'm going to be watching over it, that it's going to be great." The White House and the companies have not responded to requests for comment on the status of deal talks. Trump announced the rally and appeared to endorse the merger last Friday in a social media post, sending US Steel's share price up over 20 per cent as investors bet he would soon give it the go ahead. On Sunday, he sowed doubt, describing the deal to reporters not as the full takeover Nippon is seeking but as an investment with "partial ownership", and control residing in the United States. US Steel is headquartered in Pennsylvania, which symbolises both the one-time strength and the decline of US manufacturing power as the Rust Belt's steel plants and factories lost business to international rivals. The closely contested state is a major prize in presidential elections. "We would not be here today without President Trump, who has secured the company's future by approving our partnership," said Nippon Vice-Chair Takahiro Mori, who spoke before Trump. But in a sign of the many open questions that remain, Japan's top trade negotiator, Ryosei Akazawa, told reporters on Friday he could not yet comment on the tie-up. "I am aware of the various reports and posts by President Trump on social media. However, there has not yet been an official announcement from the US government," Akazawa, in Washington for tariff negotiations, said at a briefing at the Japanese Embassy in Washington. Trump technically has until Thursday to decide whether to formally approve or scuttle the deal, after the Committee on Foreign Investment in the US last week completed a second review of the merger. But the timeline could slip. The road to Friday's rally has been a bumpy one. Nippon Steel offered US$14.9 billion for US Steel in December 2023, seeking to capitalise on an expected ramp-up in steel purchases, thanks to the bipartisan infrastructure law. But the tie-up faced headwinds from the start, with both then-President Joe Biden and Trump asserting US Steel should remain American-owned as they sought to woo voters in Pennsylvania ahead of the November presidential elections. Following the previous review, Biden blocked the deal in January on national security grounds. The companies sued, arguing they did not receive a fair review process, a charge the Biden White House disputed. The steel giants saw a new opportunity in the Trump administration, which opened a fresh 45-day national security review into the proposed merger last month. But Trump's public comments, ranging from welcoming a simple "investment" in US Steel by the Japanese firm to suggesting a minority stake for Nippon Steel, did little to shore up investor confidence. Reuters reported last week that Nippon Steel had floated plans to invest US$14 billion in US Steel's operations, including up to US$4 billion in a new steel mill if the Trump administration green lights its merger bid.
Yahoo
3 days ago
- Business
- Yahoo
Alpayana Requisitions a Shareholder Meeting of Sierra to Acquire the Remaining Sierra Shares and Replace the Board of Directors
LIMA, Peru, May 28, 2025 /CNW/ - Alpayana S.A.C. ("Alpayana") announces today that it has requisitioned a meeting of shareholders (the "Meeting") of Sierra Metals Inc. ("Sierra") under Section 143 of the Canada Business Corporations Act for the following purposes: i. to approve a second step business combination transaction pursuant to which Alpayana will complete the privatization of Sierra and acquire all of the issued and outstanding common shares of Sierra (the "Sierra Shares") that it does not already own (the "Subsequent Acquisition Transaction"); ii. to remove the six incumbent directors of Sierra, being Miguel Aramburu, Ernesto Balarezo, Wendy Kaufman, Roberto Maldonado, Robert Neal and Beatriz Orrantia, as well as any directors who may be appointed to the Board of Directors of Sierra (the "Board") prior to the Meeting; iii. to set the size of the Board at three directors; and iv. to elect three new directors to the Board, being Fernando Arrieta (CEO, Alpayana), José Cúneo (Partner, Payet, Rey, Cauvi, Peآrez Abogados) and Dustin Perry (CEO, President and Director, Kingfisher Metals Corp.). Alpayana has requested that Sierra call the Meeting by June 3, 2025, and that such Meeting be held no later than July 29, 2025. Alpayana expects that Sierra will promptly call the Meeting and work with Alpayana and its counsel to prepare the management information circular for such Meeting, as Sierra is required pursuant to applicable Canadian laws and the rules of the Toronto Stock Exchange ("TSX") to hold its annual meeting of shareholders by June 30, 2025, and it has not yet done so. Alpayana has also requested that Sierra set June 23, 2025 as the record date for Sierra shareholders entitled to receive notice of and entitled to vote at the Meeting, and that Sierra permit in-person attendance by Sierra shareholders at the Meeting in accordance with corporate governance best practices and guidance. Alpayana was forced to requisition this Meeting as Sierra's management team and Board have been uncooperative in facilitating the transition of management and control to Alpayana following Alpayana's hugely successful take-over bid of Sierra. Alpayana currently owns an aggregate of 202,768,502 Sierra Shares, representing 93.82% of the issued and outstanding Sierra Shares and intends to acquire the remaining issued and outstanding Sierra Shares pursuant to the Subsequent Acquisition Transaction. Following the completion of the Subsequent Acquisition Transaction (which is expected to close shortly following the Meeting), Alpayana intends to cause Sierra to apply to the TSX to delist the Sierra Shares from the TSX and, if permitted by applicable law, cause Sierra to cease to be a reporting issuer (or equivalent) under applicable Canadian securities laws. In accordance with Peruvian securities laws, Alpayana will also launch a local public tender for the number of issued and outstanding shares of Sociedad Minera Corona S.A. that are required to be acquired under Peruvian securities laws, at the price to be established in accordance with such regulations. SHAREHOLDER QUESTIONS Sierra shareholders who have questions about the Meeting or Alpyana's take-over bid of Sierra, may contact Shorecrest Group, the Depositary and Information Agent for the take-over bid, by telephone at 1-888-637-5789 (North American Toll-Free Number), 647-931-7454 (outside North America) or by email at contact@ ABOUT ALPAYANA Alpayana Canada Ltd. ("Alpayana Canada") is a Canadian wholly-owned subsidiary of Alpayana and was incorporated for the sole purpose of making the offer to purchase all of the issued and outstanding Sierra Shares. Alpayana is a family-owned private mining company committed to the development and promotion of sustainable and responsible mining. It strives to leave a positive and meaningful legacy by prioritizing the wellbeing of its employees, the communities it impacts and the environment. Alpayana has been operating mines in Peru for over 38 years, has a successful M&A track record, and experience in developing projects with discipline and with a view on long-term intrinsic value. Alpayana has revenues in excess of US$500 million and a robust balance sheet. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This document contains "forward-looking statements" (as defined under applicable securities laws). These statements relate to future events and reflect Alpayana Canada's and Alpayana's expectations, beliefs, plans, estimates, intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements include, but are not limited to, statements regarding Alpayana's intentions with respect to acquiring the remaining Sierra Shares, the Meeting, the removal of the incumbent directors and election of new directors to the Board, the Subsequent Acquisition Transaction, the delisting of Sierra Shares from the TSX and Sierra ceasing to be a reporting issuer. Such forward-looking statements reflect Alpayana Canada and Alpayana's current beliefs and are based on information currently available. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions (including slowing economic growth, inflation and rising interest rates) and the dynamic nature of the industry in which Alpayana operates. Although the forward-looking information contained in this document is based upon what Alpayana Canada and Alpayana believe are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this document are made as of the date of this document and should not be relied upon as representing views as of any date subsequent to the date of this document. Except as may be required by applicable law, Alpayana Canada and Alpayana do not undertake, and specifically disclaim, any obligation to update or revise any forward-looking information, whether as a result of new information, further developments or otherwise. SOURCE Alpayana S.A.C. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
3 days ago
- Business
- Cision Canada
Alpayana Requisitions a Shareholder Meeting of Sierra to Acquire the Remaining Sierra Shares and Replace the Board of Directors
LIMA, Peru, May 28, 2025 /CNW/ - Alpayana S.A.C. (" Alpayana") announces today that it has requisitioned a meeting of shareholders (the " Meeting") of Sierra Metals Inc. (" Sierra") under Section 143 of the Canada Business Corporations Act for the following purposes: i. to approve a second step business combination transaction pursuant to which Alpayana will complete the privatization of Sierra and acquire all of the issued and outstanding common shares of Sierra (the " Sierra Shares") that it does not already own (the " Subsequent Acquisition Transaction"); ii. to remove the six incumbent directors of Sierra, being Miguel Aramburu, Ernesto Balarezo, Wendy Kaufman, Roberto Maldonado, Robert Neal and Beatriz Orrantia, as well as any directors who may be appointed to the Board of Directors of Sierra (the " Board") prior to the Meeting; iii. to set the size of the Board at three directors; and iv. to elect three new directors to the Board, being Fernando Arrieta (CEO, Alpayana), José Cúneo (Partner, Payet, Rey, Cauvi, Peآrez Abogados) and Dustin Perry (CEO, President and Director, Kingfisher Metals Corp.). Alpayana has requested that Sierra call the Meeting by June 3, 2025, and that such Meeting be held no later than July 29, 2025. Alpayana expects that Sierra will promptly call the Meeting and work with Alpayana and its counsel to prepare the management information circular for such Meeting, as Sierra is required pursuant to applicable Canadian laws and the rules of the Toronto Stock Exchange (" TSX") to hold its annual meeting of shareholders by June 30, 2025, and it has not yet done so. Alpayana has also requested that Sierra set June 23, 2025 as the record date for Sierra shareholders entitled to receive notice of and entitled to vote at the Meeting, and that Sierra permit in-person attendance by Sierra shareholders at the Meeting in accordance with corporate governance best practices and guidance. Alpayana was forced to requisition this Meeting as Sierra's management team and Board have been uncooperative in facilitating the transition of management and control to Alpayana following Alpayana's hugely successful take-over bid of Sierra. Alpayana currently owns an aggregate of 202,768,502 Sierra Shares, representing 93.82% of the issued and outstanding Sierra Shares and intends to acquire the remaining issued and outstanding Sierra Shares pursuant to the Subsequent Acquisition Transaction. Following the completion of the Subsequent Acquisition Transaction (which is expected to close shortly following the Meeting), Alpayana intends to cause Sierra to apply to the TSX to delist the Sierra Shares from the TSX and, if permitted by applicable law, cause Sierra to cease to be a reporting issuer (or equivalent) under applicable Canadian securities laws. In accordance with Peruvian securities laws, Alpayana will also launch a local public tender for the number of issued and outstanding shares of Sociedad Minera Corona S.A. that are required to be acquired under Peruvian securities laws, at the price to be established in accordance with such regulations. SHAREHOLDER QUESTIONS Sierra shareholders who have questions about the Meeting or Alpyana's take-over bid of Sierra, may contact Shorecrest Group, the Depositary and Information Agent for the take-over bid, by telephone at 1-888-637-5789 (North American Toll-Free Number), 647-931-7454 (outside North America) or by email at [email protected]. ABOUT ALPAYANA Alpayana Canada Ltd. (" Alpayana Canada") is a Canadian wholly-owned subsidiary of Alpayana and was incorporated for the sole purpose of making the offer to purchase all of the issued and outstanding Sierra Shares. Alpayana is a family-owned private mining company committed to the development and promotion of sustainable and responsible mining. It strives to leave a positive and meaningful legacy by prioritizing the wellbeing of its employees, the communities it impacts and the environment. Alpayana has been operating mines in Peru for over 38 years, has a successful M&A track record, and experience in developing projects with discipline and with a view on long-term intrinsic value. Alpayana has revenues in excess of US$500 million and a robust balance sheet. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This document contains "forward-looking statements" (as defined under applicable securities laws). These statements relate to future events and reflect Alpayana Canada's and Alpayana's expectations, beliefs, plans, estimates, intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements include, but are not limited to, statements regarding Alpayana's intentions with respect to acquiring the remaining Sierra Shares, the Meeting, the removal of the incumbent directors and election of new directors to the Board, the Subsequent Acquisition Transaction, the delisting of Sierra Shares from the TSX and Sierra ceasing to be a reporting issuer. Such forward-looking statements reflect Alpayana Canada and Alpayana's current beliefs and are based on information currently available. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions (including slowing economic growth, inflation and rising interest rates) and the dynamic nature of the industry in which Alpayana operates. Although the forward-looking information contained in this document is based upon what Alpayana Canada and Alpayana believe are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this document are made as of the date of this document and should not be relied upon as representing views as of any date subsequent to the date of this document. Except as may be required by applicable law, Alpayana Canada and Alpayana do not undertake, and specifically disclaim, any obligation to update or revise any forward-looking information, whether as a result of new information, further developments or otherwise.
CTV News
4 days ago
- Business
- CTV News
Nippon Steel could offer Washington golden share to seal U.S. Steel deal, Nikkei reports
Nippon Steel is considering offering a so-called golden share in U.S. Steel to the U.S. government in order to finalize its long-sought acquisition of the iconic American firm, Japan's Nikkei newspaper reported on Tuesday. Deliberations over the idea, which would give Washington the power to veto important management matters, were also reported by Japan's Kyodo news agency. Neither outlet cited sources for the information. Nippon Steel declined to comment on the reports and the White House could not be immediately reached for comment. Japan's top steelmaker has for months sought to seal a $14.9 billion bid to acquire U.S. Steel, with the deal subjected to two rounds of national security reviews by the secretive Committee on Foreign Investment in the United States. President Donald Trump on Friday signaled support for the deal, sending the shares of both companies leaping higher, but his comments have left lingering questions about the scope of the deal and its costs for the Japanese firm. Trump said on Sunday that the United States will have 'control' over U.S. Steel as part of the company's 'partnership' with the Japanese firm, but did not elaborate. If the acquisition is approved, Nippon Steel plans to buy all of U.S. Steel's shares and delist them, Nikkei reported. It would then be able to issue a golden share and transfer it to the U.S. government, Nikkei said. The idea is among several being weighed by Nippon Steel and it has not yet been shared with the U.S. government, it added. (Reporting by Kaori Kaneko, Kentaro Komiya, Yuka Obayashi; Additional reporting by Susan Heavey in Washington; Writing by John Geddie; Editing by Kirsten Donovan)
CNA
4 days ago
- Business
- CNA
Nippon Steel could offer Washington golden share to seal US Steel deal, Nikkei reports
TOKYO :Nippon Steel is considering offering a so-called golden share in U.S. Steel to the U.S. government in order to finalise its long-sought acquisition of the iconic American firm, Japan's Nikkei newspaper reported on Tuesday. Deliberations over the idea, which would give Washington the power to veto important management matters, were also reported by Japan's Kyodo news agency. Neither outlet cited sources for the information. Nippon Steel declined to comment on the reports and the White House could not be immediately reached for comment. Japan's top steelmaker has for months sought to seal a $14.9 billion bid to acquire U.S. Steel, with the deal subjected to two rounds of national security reviews by the secretive Committee on Foreign Investment in the United States. President Donald Trump on Friday signaled support for the deal, sending the shares of both companies leaping higher, but his comments have left lingering questions about the scope of the deal and its costs for the Japanese firm. Trump said on Sunday that the United States will have "control" over U.S. Steel as part of the company's "partnership" with the Japanese firm, but did not elaborate. If the acquisition is approved, Nippon Steel plans to buy all of U.S. Steel's shares and delist them, Nikkei reported. It would then be able to issue a golden share and transfer it to the U.S. government, Nikkei said. The idea is among several being weighed by Nippon Steel and it has not yet been shared with the U.S. government, it added.
