Ancora, an asset manager with a stake in U.S. Steel, aims to block Nippon Steel's takeover and replace the company's leadership. They argue the current board and CEO prioritize the deal's financial benefits, overlooking U.S. Steel's dire state. Ancora proposes a new board with former Stelco CEO Alan Kestenbaum as the new leader, focused on the company's turnaround and pursuing the $565 million breakup fee.
An asset manager is seeking to quash Nippon Steel 's takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company.
Earlier this month Nippon Steel and U.S. Steel filed a federal lawsuit challenging a Biden administration decision to block Nippon’s proposed $15 billion acquisition of the Pittsburgh company citing national security. Ancora wants new board members to focus on U.S. Steel's turnaround, not trying to find alternative bidders or selling the company. It also wants them to pursue the $565 million breakup fee.
Finance Industry Takeover Nippon Steel U.S. Steel Boardroom Struggle Asset Manager
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nippon Steel's US$15 Billion Bid for U.S. Steel Faces Political HurdlesNippon Steel's acquisition of U.S. Steel, valued at nearly US$15 billion, faces significant political opposition from both outgoing and incoming U.S. presidents. Despite strong arguments from Nippon regarding the deal's economic benefits, including job creation and competitiveness against Chinese steel, the steelworkers' union raises concerns about job security and protection from foreign imports.
Read more »
Biden to Block Nippon Steel's Acquisition of U.S. SteelPresident Joe Biden is expected to block Nippon Steel's $1.4 billion acquisition of U.S. Steel, citing national security concerns. The Committee on Foreign Investment in the United States (CFIUS) had reviewed the deal for months and referred the decision to Biden after failing to reach a consensus. While some of Biden's advisors expressed concerns about potential damage to U.S.-Japan relations, the president ultimately decided to prioritize national security interests.
Read more »
Biden Blocks Nippon Steel's Bid for U.S. SteelU.S. President Joe Biden has rejected a nearly US$15 billion deal for Japan's Nippon Steel to acquire Pittsburgh-based U.S. Steel, citing national security concerns. The Committee on Foreign Investment in the United States (CFIUS) had failed to reach a consensus on the deal's potential risks.
Read more »
Biden Blocks US Steel Sale to Nippon Steel, Citing National SecurityPresident Biden blocked the $14.1 billion sale of US Steel to Nippon Steel, citing concerns over national security and the control of a major domestic industry.
Read more »
Biden Blocks Nippon Steel's Acquisition of U.S. SteelPresident Biden has blocked Nippon Steel's proposed purchase of U.S. Steel, citing national security concerns. The companies are challenging the decision in court.
Read more »
Nippon Steel, US Steel File Lawsuits After Biden Blocks DealNippon Steel Corp. and United States Steel Corp. jointly filed lawsuits in a last-ditch effort to preserve the planned merger of the companies, which was blocked last week by President Joe Biden.
Read more »