U.S. Steel shareholders have voted to approve the $14.1 billion takeover by Japanese-owned Nippon Steel, with over 98% of the shares voting in favor. The merger is expected to strengthen the domestic steel industry.
U.S. Steel shareholders approved the $14.1 billion controversial takeover by Japanese-owned Nippon Steel . More than 98% of the shares voted at Friday’s meeting to approve the merger, making up about 71% of the company’s outstanding stock, US Steel said. "The overwhelming support from our stockholders is a clear endorsement that they recognize the compelling rationale for our transaction with ," said US Steel President and CEO David Burritt in a statement.
Shareholder approval was expected by analysts, shares of the stock traded at roughly $41.20 midday ahead of the vote. Nippon’s all-cash offer pays $55 per share. Year-to-Date the shares are down 15%. "There was no way they weren’t going to approve this," said Gordon Johnson, CEO of GLJ Research. The merger promises to benefit Americans too, some experts say. JP Morgan analysts described the deal in February as "pro-competitive rather than anti-competitive.
U.S. Steel Shareholders Takeover Nippon Steel Merger Domestic Steel Industry
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