U.S. Steel Shareholders Approve Nippon Steel's $14.9 Billion Takeover Amid Political Opposition
The merger faces significant hurdles with scrutiny from the Justice Department and bipartisan opposition, including from President Biden and former President Trump.
- U.S. Steel shareholders overwhelmingly approved the controversial $14.9 billion acquisition by Nippon Steel, with over 98% of votes in favor.
- The deal, critical for the U.S. steel industry, promises no job cuts and pledges to maintain U.S. manufacturing facilities.
- Political figures from both major parties, including President Biden and former President Trump, have expressed opposition to the merger, citing national security concerns.
- The merger still requires approval from the Justice Department and the Committee on Foreign Investment in the United States (CFIUS), with a full review currently underway.
- Despite shareholder approval, the future of the merger remains uncertain due to potential regulatory and political roadblocks.
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