Latest news with #UnitedStatesSteel
Bloomberg
09-07-2025
- Business
- Bloomberg
Pentwater's Hedge Funds Soar 21% on Billion-Dollar US Steel Bet
Pentwater Capital Management 's hedge funds that wager on corporate events extended gains in June to deliver some of their best-ever six-month returns, helped by a mega bet on United States Steel Corp. 's tie-up with Nippon Steel Corp. Both Pentwater Event and Merger Arbitrage funds advanced more than 7% in June, bolstering returns for the first half to about 21%, according to people with knowledge of the matter. Positions including in US Steel, Avis Budget Group Inc. and government-backed Fannie Mae and Freddie Mac added to the gains, the people said, asking not to be identified because the details are private.
Reuters
03-07-2025
- Business
- Reuters
Nippon Steel deal reveals cost of ‘America First': podcast
Follow on Apple or Spotify. Listen on the Reuters app. The Japanese steelmaker pushed its $14.9 bln bid for United States Steel past the line with some big concessions. In this Viewsroom podcast, Breakingviews columnists debate the golden share it handed to the US government and what this means for others eyeing stateside expansion. Follow Aimee Donnellan on LinkedIn. (The host is a Reuters Breakingviews columnist. The opinions expressed are her own.) FURTHER READING Nippon Steel's US win sets bad Japan M&A precedent Muddled US meddling grinds factory gears US Steel now all about striking while iron is hot Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit to opt-out of targeted advertising.
Bloomberg
20-06-2025
- Business
- Bloomberg
Third Point, Arb Funds Reap Big Gains as US Steel Bet Pays Out
US hedge funds including Third Point LLC and Pentwater Capital Management are reaping a windfall from bets that political noise wouldn't keep United States Steel Corp. from completing its $14.1 billion deal with its Japanese suitor. Nippon Steel Corp.'s controversial acquisition closed on Wednesday, ending an 18-month saga that divided the US steel industry and became a flash point in American politics. The deal was clinched as US President Donald Trump shifted his views on the foreign transaction after Nippon Steel offered further commitments and investments in the Pittsburgh-based steelmaker.
Yahoo
20-06-2025
- Business
- Yahoo
Nippon Steel Closes $14.1 Billion Acquisition of US Steel
Nippon Steel closed its $14.1 billion takeover of United States Steel, bringing to an end an 18-month effort to combine the American and Japanese steelmakers, the companies said in a Wednesday statement. Joe Deaux reports on "Bloomberg Open Interest." Sign in to access your portfolio
Japan Times
20-06-2025
- Business
- Japan Times
Nippon Steel drops lawsuit against U.S. government after acquiring U.S. Steel
Nippon Steel is dropping a lawsuit against the United States government, chairman and CEO Eiji Hashimoto said as the company finalized its acquisition of United States Steel after an 18-month battle to complete the transaction. The suit has been rendered moot as a result of the successful purchase of the American steel-maker, Hashimoto said in reply to a question from The Japan Times after his meeting with trade minister Yoji Muto on Thursday evening. 'We were able to achieve our objective, so there is no longer a meaningful reason to continue that case — in a good sense,' he explained. A separate civil suit against a competitor and a union leader has not yet been dropped. Nippon Steel and U.S. Steel filed the lawsuit against the U.S. government in January to challenge former U.S. President Joe Biden's blocking of the transaction on national security grounds. They argued that the companies were denied due process and other rights, and claimed that the $14.9 billion transaction was blocked for political reasons. U.S. President Donald Trump, who had voiced opposition to the deal during his presidential campaign, reversed his predecessor's decision last week . He said the Japanese firm could buy the U.S. company if it signed a national security agreement with the U.S. government. Nippon Steel finalized the transaction on Wednesday. The civil suit alleges that United Steelworkers union President David McCall, Cleveland-Cliffs and Lourenco Goncalves, CEO of Cleveland-Cliffs, engaged in 'illegal and coordinated actions' to sabotage the U.S. Steel acquisition. Goncalves has dismissed Nippon Steel's claims, saying the accusations are "baseless." An outspoken critic of the Nippon Steel-U.S. Steel deal, Goncalves described Japan as 'evil' for 'teaching China how to dump steel.' In the lawsuit, he was accused of launching a 'public smear campaign' and 'trafficking in xenophobic stereotypes' about foreign investors to kill the deal. Cleveland-Cliffs made an unsolicited bid in July 2023 to purchase U.S. Steel for $35 a share — later raised to $54, according to reports — in cash and stock. Nippon Steel made an all-cash offer of $55 a share. McCall, who has been vocal in his opposition to the Nippon Steel transaction from the outset, said in a Wednesday statement that the union will 'continue watching' and hold Nippon Steel to its commitments. 'We will decide how to proceed after closely observing how the other parties respond, so no final decision has been made on that yet,' Hashimoto said of the civil lawsuit.
