U.S. Steel's proposed $14.9 billion merger with Nippon Steel
Updates with details on non-US regulatory approvals
May 30 (Reuters) - U.S. Steel Corp X.N and Nippon Steel 5401.T said on Thursday they had received all regulatory approvals outside of the United States related to their proposed $14.9 billion merger.
The two steelmakers reaffirmed they expect the deal to be completed in the second half of 2024, even amid mountingpolitical opposition to the merger inthe U.S.
Here's a timeline of events leading up to the deal between the two steelmakers and the criticism it hasinvited from U.S. politicians:
DATE | DEVELOPMENT |
Aug. 13, 2023 | U.S. Steel announces its aim to explore strategic options after receiving unsolicited bids, ranging from the acquisition of certain production assets to consideration for the entire company |
Aug. 13, 2023 | U.S. Steel rejects a $7.3-billion offer from Cleveland-Cliffs, leading to the start of a formal review of its strategic options |
Aug. 14, 2023 | The United Steelworkers (USW) union supports Cleveland-Cliffs' bid to acquire U.S. Steel, saying the company is the best strategic buyer |
Aug. 14, 2023 | Shares of U.S. Steel rise after privately held firm Esmark makes a $7.8-billion all-cash offer for the company |
Aug. 16, 2023 | ArcelorMittal, the world's second-largest steelmaker, considers a potential offer for U.S. Steel, Reuters reports |
Aug. 17, 2023 | U.S. Senator J.D. Vance asks U.S. Steel to rule out a foreign buyer for the company |
Aug. 17, 2023 | U.S. Steel states that its labor agreement with USW does not grant the union the right to veto a potential sale of the company |
Aug. 22, 2023 | Cleveland-Cliffs demands U.S. Steel reveal all buyout offers it has received |
Aug. 23, 2023 | Esmark withdraws its bid for U.S. Steel, respecting the position of the USW union, which supports Cleveland-Cliffs' offer |
Aug. 29, 2023 | U.S. Steel begins the due-diligence process after entering agreements with numerous third parties |
Sept. 20, 2023 | U.S. Steel and Cleveland-Cliffs clash over a confidentiality pact |
Sept. 21, 2023 | Canada's Stelco Holdings considers a bid for U.S. Steel, Bloomberg news reports |
Sept. 28, 2023 | U.S. Steel allows Cleveland-Cliffs to participate in its sale process |
Oct. 31, 2023 | Major automakers oppose Cleveland-Cliffs' proposed acquisition of U.S. Steel, citing potential cost increases and a slowdown in electric-vehicle sales |
Dec. 18, 2023 | Japan's Nippon Steel announces its plan to buy U.S. Steel in a deal valued at $14.9 billion |
Dec. 19, 2023 | Three U.S. Republican senators urged Treasury Secretary Janet Yellen to block the deal forU.S. Steel by Nippon Steel, citing national security concerns. |
Dec. 20, 2023 | Brian Deese, a key player in President Joe Biden's 2024 re-election bid, said Nippon's proposed purchase of U.S. Steel was concerning and that the administration should look closely at it. |
Dec. 21, 2023 | The White House said Nippon Steel's proposed acquisition of U.S. Steel deserves "serious scrutiny," given the company's core role in U.S. steel production that is critical to national security. |
Dec. 22, 2023 | Japanese Industry Minister Ken Saito said that U.S.-Japanese ties were "stronger than ever," although he declined to comment directly on growing scrutiny in the United States of a proposed deal for Nippon Steel to buy U.S. Steel. |
Jan. 05, 2024 | Nippon Steel was confident of successfully completing its planned acquisition of U.S. Steel, despite opposition from labor union and certain U.S. senators, its president said. |
Jan. 12, 2024 | Nippon Steel said President Eiji Hashimoto would become CEO and chairman effective April 1, remaining at the helm as the top Japanese steelmaker aims to complete a deal to take over U.S. Steel |
Jan. 24, 2024 | Nippon Steel Executive Vice President Takahiro Mori met U.S. Congress members to discuss acquisition of U.S. Steel, as it faced strong resistance to the deal. |
Jan. 30, 2024 | Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group and Mizuho Financial Group planned to lend Nippon Steel a combined $16 billion for its planned acquisition of U.S. Steel. |
Feb. 07, 2024 | Nippon Steel said it was on track to finalize its planned acquisition of U.S. Steel by the end of September as it stepped up talks with key stakeholders, particularly labor unions. |
March 04, 2024 | A senior Nippon Steel executive told Reuters he was set to meet the United Steelworkers union chief to seek support for acquiring U.S. Steel. |
March 13, 2024 | President Joe Biden planned to express concern over Nippon Steel's proposed purchase of U.S. Steel, pushing the U.S. company's stock nearly 13% lower on bets the deal could face greater political opposition. |
April 10, 2024 | The U.S. Department of Justice opened an in-depth antitrust investigation into Nippon Steel's takeover of U.S. Steel. |
April 12, 2024 | U.S. Steel shareholders voted to approve the acquisition, taking the merger one step closer to completion even as political opposition to the deal mounts. |
April 17, 2024 | President Joe Biden said at an event in Pittsburgh that the U.S. Steel should stay a U.S.-owned company. |
May 2, 2024 | The U.S. Department of Justice sent a "second request" to U.S. Steel, seeking more details and documentary materials as part of an antitrust review of the deal. |
May 6, 2024 | The European Commission approved U.S. Steel's $14.9 billion buyout saying that the deal does not raise competition concerns. |
May 30, 2024 | Both U.S. Steel and Nippon Steelsaid they had received all regulatory approvals outside the U.S. for their proposed merger to go through |
Sources: Reuters reports, company records
Reporting by Abhinav Parmar, Shivansh Tiwary, Kannaki Deka and Aatreyee Dasgupta, Pratyush Thakur; Editing by Arun Koyyur and Devika Syamnath
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