Nippon agreed to give a "golden share" to the US government to win approval of the takeover.

He gave the official green light to the deal in an executive order on Friday.

Nippon agreed to pay $55 per share and take on the company’s debt, a deal worth $14.9bn together.

It said it had also promised the government it would invest $11bn in US Steel by 2028, including a new facility that would be completed after that year.

It also granted the US government a “golden share” in the company, giving the government say over key decisions, including the transfer of jobs or production outside of the US, and certain calls to close or idle factories.

  • ryedaftEnglish
    12·
    4 days ago

    Great. The president deciding whether a merger is anticompetitive or not, rather than a somewhat qualified team of economists and lawyers.

    • breecherEnglish
      3·
      4 days ago

      It is pretty ironic that the US ended up as the only Western absolute monarchy.

  • Rentlar@lemmy.caEnglish
    24·
    4 days ago

    Nippon Steel knows how to swindle a Trump.

    Nippon Steel President: Presidento Toranpu-san! Please approve our merger

    Trump: No

    Nippon Steel: What if we give you

    黄金株~G O L D E N S H A R E

    Trump: Okay

    • Milk_Sheikh@lemm.eeEnglish
      6·
      4 days ago

      It’s been both funny and disheartening to see how some world leaders learned from Trump 1.0’s bombast and arrogance for breaking ‘the rules’, and have now realized the manchild can, and will be directly bribed and manipulated by the dumbest things. Gold planes. Nameplates. Fantastical ideas that appeal to the ego. Being ‘the only one’ who can solve their problem.