Deals
US Steel Shareholders Approve Nippon Steel’s $14.1 Billion Takeover Offer
- Investor approval clears one hurdle in contentious acquisition
- Japanese steelmaker’s takeover must pass US review process
A United States Steel Corp. steel mill in Braddock, Pennsylvania.
Photographer: Justin Merriman/BloombergThis article is for subscribers only.
United States Steel Corp. shareholders voted in favor of a $14.1 billion takeover offer by Nippon Steel Corp., leaving the fate of the deal for the iconic American steelmaker to the realm of US regulators and politics.
Investors of US Steel endorsed the Japanese steelmaker’s $55-a-share offer at a special shareholders’ vote Friday with more than 98% approval, the company said in a statement. The vote was widely expected to pass. Attention now shifts to a pending US regulatory review for an offer that has become mired in a political firestorm in a US presidential election year.