Activist investor Ancora Holdings has nominated nine candidates to United States Steel’s (X) board and is pushing for the company to abandon its takeover by Nippon Steel (NPSCY), Crystal Tse and Joe Deaux of Bloomberg reports, citing people familiar with the matter. Ancora’s nominees include former Stelco Holdings CEO Alan Kestenbaum and the activist investor additionally wants Kestenbaum to replace current US Steel CEO David Burritt, Bloomberg’s sources added. Additionally, Ancora wants US Steel to end litigation rescuing the Nippon deal and instead collect a $565M breakup fee, sources added.
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