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Bond Market News
US Steel-Nippon Steel Deal Pushed Back to H2
May 3, 2024
The acquisition date for Japan’s Nippon Steel $14bn takeover of US Steel has been pushed back to the second half of this year due to the requirement of additional information by the antitrust authorities. Besides, the deal has already been under scrutiny from politicians and the White House. Besides, in early April, US Steel’s union, ‘The United Steelworkers (USW)’ opposed Nippon Steel’s draft agreement to gain support for its takeover.
US Steel’s bonds were trading stable with its 6.875% 2029s at 100.41, yielding 6.77%.
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