Shareholders of U.S. Steel (U.S. Steel) as expected approved the acquisition offer proposed by Nippon Steel (Nippon Steel), which has a transaction amount of up to $14.9 billion. However, the stock price of U.S. Steel still slipped on Friday, reflecting that the market's view on the final success of the transaction remains pessimistic.
U.S. Steel said that 98% of the voting shareholders supported the acquisition plan proposed by Nippon Steel last December, with a consideration of $55 per share. The company's stock price closed down 2.1% on Friday, at $41.33, not reaching the above acquisition price.
The United Steelworkers (USW) issued a statement saying that it was not surprised by the decision of U.S. Steel shareholders to support the acquisition plan. However, the union still opposes the relevant acquisition plan.
At the same time, U.S. lawmakers continue to oppose the acquisition plan. The transaction requires approval from the Committee on Foreign Investment in the United States (CFIUS) under the U.S. Treasury Department and the European Union. CFIUS has already met with relevant stakeholders to discuss the matter.
Foreign media quoted sources as saying that the two companies' latest expectation is that the transaction may be completed in the second half of this year.
