18.12.2023 12:23:29
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Nippon Steel To Acquire U. S. Steel In All-cash Deal
(RTTNews) - Nippon Steel Corp. and United States Steel Corporation (X) have entered into a definitive agreement pursuant to which Nippon Steel will acquire U. S. Steel in an all-cash deal at $55.00 per share, representing an equity value of approximately $14.1 billion plus the assumption of debt, for a total enterprise value of $14.9 billion. The merger has been unanimously approved by the Board of both NSC and U. S. Steel. The deal is expected to close in the second or third quarter of calendar year 2024.
Nippon Steel said the acquisition will enhance its manufacturing and technology capabilities and enable it to expand the geographic areas. As a result of the acquisition of U. S. Steel, its expected total annual crude steel capacity will reach 86 million tonnes.
Founded in 1901, U. S. Steel is a leading steel manufacturer. Nippon Steel is Japan's largest steelmaker. The $55.00 per share price represents a 40% premium to U. S. Steel's closing stock price on December 15, 2023.
Shares of United States Steel Corporation are up 27% in pre-market trade on Monday.
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