Nippon Steel (NPSCY) has pledged to appoint a board for U.S. Steel (X) with a majority of Americans if its deal for the company is approved, The Financial Times’ David Keohane reports. Nippon Steel also said that the board would also include three independent directors who are U.S. citizens and that the “core senior management members” would be American, adding that U.S. Steel would be owned by Nippon Steel North America, a New York-based subsidiary of the Japanese company “that has operated in the United States for over 50 years.” Nippon Steel’s comments came after Democratic presidential nominee Kamala Harris said Monday that U.S. Steel should remain domestically owned and operated.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on X:
- ESPN goes dark on DirecTV, Harris to oppose Nippon-U.S. Steel deal: Morning Buzz
- Morning Movers: U.S. Steel drops after VP Harris opposes sale to Nippon
- Kamala Harris to oppose Nippon buyout of U.S. Steel, WSJ reports
- M&A News: Harris Is Likely to Oppose U.S. Steel/Nippon Merger
- US Steel put volume heavy and directionally bearish