Nippon Steel to Acquire U.S. Steel for $14.1 Billion -- Update
18 Dezembro 2023 - 8:57AM
Dow Jones News
By Dean Seal
Japanese steelmaker Nippon Steel has agreed to acquire United
States Steel in a $14.1 billion all-cash transaction.
Nippon said Monday that it has reached a deal to purchase the
Pittsburgh-based U.S. Steel for $55 a share, marking a 40% premium
to the company's share price when the market closed on Friday.
The deal has been unanimously approved by the boards of both
companies and is expected to close in the second or third quarter
of 2024, pending approval from U.S. Steel's shareholders and
regulators.
Nippon said it plans to fund the transaction with borrowings
from certain Japanese banks and previously secured financing
commitments.
Following the close of the transaction, U.S. Steel will retain
its name, brand and headquarters in Pittsburgh.
Shares of U.S. Steel surged 29% to $50.60 in premarket
trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 18, 2023 06:42 ET (11:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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