U.S. Steel's proposed $14.9 billion merger with Nippon Steel
Repeats Sept 5 item to fix formatting with no changes to text
Sept 5 (Reuters) - The White House is set to announce that President Joe Biden will block Nippon Steel's < 5401.T> $14.9 billion bid for the U.S. Steel X.N citing national security concerns, two sources familiar with the situation told Reuters.
Nippon Steel agreed to acquire U.S. Steel last year, but has faced resistance since then from both an assertive labor union and the White House.
Here's a timeline of events leading up to the deal between the two steelmakers and the growing bipartisan political opposition:
DATE | DEVELOPMENT |
Aug. 13, 2023 | U.S. Steel announces aim to explore options after receiving unsolicited bids, ranging from the acquisition of certain production assets to consideration for the 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 union supports Cleveland-Cliffs' bid to acquire U.S. Steel, saying the company is the best 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 says 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 due-diligence 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, 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 dealby Nippon Steel, citing national security concerns. |
Dec. 20, 2023 | Brian Deese, a key player in President Joe Biden's 2024 re-election bid, says Nippon's proposed purchase was concerning and 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 its core role in U.S. steel production that is critical to national security. |
Dec. 22, 2023 | Japanese Industry Minister Ken Saito says U.S.-Japanese ties were "stronger than ever," although he declined to comment directly on growing U.S. scrutinyof a proposed deal. |
Jan. 05, 2024 | Nippon Steel was confident of 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 from April1, remaining at the helm as the top Japanese steelmaker aims to complete the deal |
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. |
Jan. 30, 2024 | Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group and Mizuho Financial Group plans to lend Nippon Steel a combined $16 billion for its acquisition of U.S. Steel. |
Feb. 07, 2024 | Nippon Steel says it was on track to finalize its acquisition of U.S. Steel by September end asit 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 plansto 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 political opposition. |
April 10, 2024 | The U.S. Department of Justice opensan in-depth antitrust investigation into Nippon Steel's takeover of U.S. Steel. |
April 12, 2024 | U.S. Steel shareholders vote to approve the acquisition, taking the merger one step closer to completion even as political opposition rise. |
April 17, 2024 | President Joe Biden says 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. |
May 6, 2024 | The European Commission approves U.S. Steel's $14.9 billion buyout saying the deal does not raise competition concerns. |
May 30, 2024 | Both U.S. Steel and Nippon Steelsay they had received all regulatory approvals outside the U.S. for their proposed merger |
July 20, 2024 | Nippon Steel hires former U.S. Secretary of State Mike Pompeo to help with its effort to acquire U.S. Steel |
Aug. 29, 2024 | Nippon Steel says it plans to invest about $1.3 billion more in U.S. Steel's two mills as part of the pending acquisition |
Sept. 2, 2024 | Democratic presidential candidate Kamala Harris says U.S. Steel should remain in domestic hands |
Sept. 4, 2024 | The White House is close to announcing President Joe Biden will block Nippon Steel's acquisition of U.S. Steel citing national security concerns, two sources familiar with the situation told Reuters |
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
Ativos relacionados
Últimas notícias
Isenção de Responsabilidade: As entidades do XM Group proporcionam serviço de apenas-execução e acesso à nossa plataforma online de negociação, permitindo a visualização e/ou uso do conteúdo disponível no website ou através deste, o que não se destina a alterar ou a expandir o supracitado. Tal acesso e uso estão sempre sujeitos a: (i) Termos e Condições; (ii) Avisos de Risco; e (iii) Termos de Responsabilidade. Este, é desta forma, fornecido como informação generalizada. Particularmente, por favor esteja ciente que os conteúdos da nossa plataforma online de negociação não constituem solicitação ou oferta para iniciar qualquer transação nos mercados financeiros. Negociar em qualquer mercado financeiro envolve um nível de risco significativo de perda do capital.
Todo o material publicado na nossa plataforma de negociação online tem apenas objetivos educacionais/informativos e não contém — e não deve ser considerado conter — conselhos e recomendações financeiras, de negociação ou fiscalidade de investimentos, registo de preços de negociação, oferta e solicitação de transação em qualquer instrumento financeiro ou promoção financeira não solicitada direcionadas a si.
Qual conteúdo obtido por uma terceira parte, assim como o conteúdo preparado pela XM, tais como, opiniões, pesquisa, análises, preços, outra informação ou links para websites de terceiras partes contidos neste website são prestados "no estado em que se encontram", como um comentário de mercado generalizado e não constitui conselho de investimento. Na medida em que qualquer conteúdo é construído como pesquisa de investimento, deve considerar e aceitar que este não tem como objetivo e nem foi preparado de acordo com os requisitos legais concebidos para promover a independência da pesquisa de investimento, desta forma, deve ser considerado material de marketing sob as leis e regulações relevantes. Por favor, certifique-se que leu e compreendeu a nossa Notificação sobre Pesquisa de Investimento não-independente e o Aviso de Risco, relativos à informação supracitada, os quais podem ser acedidos aqui.