Latest news with #goldenshare
Bloomberg
5 days ago
- Business
- Bloomberg
Why Trump's ‘Golden Share' in US Steel May Lack Some Luster
The US government could receive a so-called golden share — or powers akin to it — in United States Steel Corp. as a condition for approving a $14 billion takeover by Japan's Nippon Steel Corp. If the acquisition moves forward, Washington could have de facto veto power over certain company decisions, people familiar with the matter told Bloomberg News. The details are still being hashed out, marking the latest twist in a proposed deal that's been in limbo for almost a year and a half.
Bloomberg
5 days ago
- Business
- Bloomberg
Stop the Steel! Japan's Giving Too Much Away in This Deal
The key to buying US Steel Corp. might be a golden share. Nippon Steel Corp. executives might feel it's their Golden Ticket. The share, which would give Washington veto rights on major decisions, is reported to be the key to getting the contentious, long-running $14.1 billion deal for US Steel over the finishing line, in a move that could be announced Friday.
NHK
7 days ago
- Business
- NHK
Senator: US may get golden share in steel deal
Nippon Steel's bid acquire US Steel will give the US government a so-called golden share, which will allow it to approve board members. A Republican senator from Pennsylvania, where the steelmaker is based, shared the plan on Tuesday. Dave McCormick made the remarks during an interview with the US business network CNBC. He confirmed that he spoke with US President Donald Trump before the president announced the "partnership" on Friday. The senator said: "The control structure is somewhat unique. It's a nationally security agreement that will be signed with the US government. It'll be a US CEO, a US majority board." McCormick noted that the golden share will "essentially require" government approval for a number of the board members. He argued these steps will ensure production levels aren't cut and American jobs are protected. But it's unclear if the measures are actually required for the acquisition to get the green light. The focus is now on whether Nippon Steel will be allowed to make the US steelmaker a wholly owned subsidiary, and what percentage of shares it will be permitted to acquire.
CNA
27-05-2025
- 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.
