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Bond Market News
US Steel’s Arbitration Board Rules in Favor of Nippon $14.9bn Buyout Offer
September 26, 2024
Yesterday, US Steel’s Arbitration Board ruled in favor of Nippon Steel’s $14.8bn buyout offer for the company. The board, jointly selected by the company and the union to settle disputes, ruled that US Steel had satisfied each of the conditions of the successorship clause in its basic labor agreement with the United Steel Worker union (USW). The workers’ union said that ‘the arbitrators accepted at face-value Nippon Steel’s statement that it would assume the Basic Labor Agreement’ adding that board’s decision won’t change its opposition to the deal. The deal has faced political opposition since it was signed last December. Earlier last week, The US national security panel reviewing the merger let the companies refile their application for approval of the deal delaying a decision on it until after the US presidential election.
US Steel bonds traded stable with its 6.875% 2029s at 101.25, yielding 6.54%.
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