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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| US Steel Corp | NYSE:X | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.28 | 0.75% | 37.45 | 37.9025 | 36.73 | 37.00 | 3,229,113 | 01:00:00 |
From Oct 2023 to Apr 2024
By Dean Seal
Japanese steelmaker Nippon Steel has agreed to acquire United States Steel in a $14.1 billion all-cash transaction.
Nippon said Monday that it has reached a deal to purchase the Pittsburgh-based U.S. Steel for $55 a share, marking a 40% premium to the company's share price when the market closed on Friday.
The deal has been unanimously approved by the boards of both companies and is expected to close in the second or third quarter of 2024, pending approval from U.S. Steel's shareholders and regulators.
Nippon said it plans to fund the transaction with borrowings from certain Japanese banks and previously secured financing commitments.
Following the close of the transaction, U.S. Steel will retain its name, brand and headquarters in Pittsburgh.
Shares of U.S. Steel surged 29% to $50.60 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 18, 2023 06:42 ET (11:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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