Stock Market News

U.S. Steel says arbitration board rules in favor of Nippon Steel’s $14.9 billion buyout

2024.09.25 18:34

(Reuters) -U.S. Steel said on Wednesday an arbitration board had ruled in favor of Nippon Steel’s $14.9 billion buyout of the company, but that the United Steelworkers union disagreed with the decision.

The board, jointly selected by the company and the union to settle disputes, ruled that U.S. Steel had satisfied each of the conditions of the successorship clause in its basic labor agreement with the USW.

“The arbitrators accepted at face-value Nippon Steel’s statement that it would assume the Basic Labor Agreement,” USW said.

The union said the decision did not change its opposition to the deal.

“We remain focused on forging a productive relationship with the USW, which includes fulfilling our commitments that go far beyond what is currently required in the existing BLA,” Nippon Steel said in a statement.

The deal has faced political opposition since it was signed last December. Democratic presidential candidate Kamala Harris and her Republican challenger Donald Trump have supported U.S. Steel remaining American-owned.

Nippon Steel had paid a hefty premium to clinch the deal for U.S. Steel on a bet that it could benefit from U.S. President Joe Biden’s infrastructure spending bill.

© Reuters. FILE PHOTO: Nippon Steel logo is displayed at the company's headquarters in Tokyo, Japan April 1, 2024.  REUTERS/Issei Kato/File Photo

Earlier this month, U.S. Steel warned that a failure to conclude the deal would put thousands of U.S. union jobs at risk and signaled that it would close some steel mills and potentially move its headquarters out of the politically important state of Pennsylvania.

Nippon Steel plans to close the deal by the end of December, pending regulatory approvals, and this month resubmitted an application for approval to the U.S. national security panel, delaying a decision on the politically-sensitive merger until after the Nov. 5 presidential election.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 83,606.40 0.72%
ethereum
Ethereum (ETH) $ 1,900.69 1.05%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.33 1.68%
bnb
BNB (BNB) $ 631.69 4.05%
solana
Solana (SOL) $ 129.14 3.85%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.72337 1.69%
dogecoin
Dogecoin (DOGE) $ 0.172986 0.89%
tron
TRON (TRX) $ 0.214074 2.19%
staked-ether
Lido Staked Ether (STETH) $ 1,896.98 1.22%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,321.32 0.86%
pi-network
Pi Network (PI) $ 1.38 6.92%
leo-token
LEO Token (LEO) $ 9.81 0.72%
chainlink
Chainlink (LINK) $ 13.76 2.45%
the-open-network
Toncoin (TON) $ 3.42 1.37%
stellar
Stellar (XLM) $ 0.272872 0.11%
usds
USDS (USDS) $ 1.00 0.00%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,270.53 1.15%
hedera-hashgraph
Hedera (HBAR) $ 0.192217 0.20%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 1.84%
avalanche-2
Avalanche (AVAX) $ 18.56 3.90%
sui
Sui (SUI) $ 2.30 0.97%
litecoin
Litecoin (LTC) $ 92.25 0.33%
mantra-dao
MANTRA (OM) $ 6.84 3.71%
polkadot
Polkadot (DOT) $ 4.39 1.73%
bitcoin-cash
Bitcoin Cash (BCH) $ 333.11 1.52%
ethena-usde
Ethena USDe (USDE) $ 0.999912 0.02%
bitget-token
Bitget Token (BGB) $ 4.44 0.54%
weth
WETH (WETH) $ 1,900.09 1.04%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.27%
hyperliquid
Hyperliquid (HYPE) $ 13.65 0.20%
whitebit
WhiteBIT Coin (WBT) $ 28.53 1.15%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,020.88 1.01%
monero
Monero (XMR) $ 209.43 1.43%
uniswap
Uniswap (UNI) $ 6.16 1.51%
susds
sUSDS (SUSDS) $ 1.04 0.07%
dai
Dai (DAI) $ 1.00 0.04%
aptos
Aptos (APT) $ 5.35 0.80%
near
NEAR Protocol (NEAR) $ 2.55 3.76%
okb
OKB (OKB) $ 49.55 6.44%
pepe
Pepe (PEPE) $ 0.000007 2.59%
mantle
Mantle (MNT) $ 0.83004 4.48%
internet-computer
Internet Computer (ICP) $ 5.72 1.83%
gatechain-token
Gate (GT) $ 21.90 1.05%
ethereum-classic
Ethereum Classic (ETC) $ 17.80 0.35%
ondo-finance
Ondo (ONDO) $ 0.850978 2.03%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,552.39 0.79%
aave
Aave (AAVE) $ 168.06 2.87%
tokenize-xchange
Tokenize Xchange (TKX) $ 30.10 0.58%