Nippon Steel to use U.S. Steel merger agreement as base for talks, Reuters says

Nippon Steel (NPSCY) plans to use its current merger agreement to acquire U.S. Steel (X) as a starting point for talks with the U.S. government, Reuters’ Yuka Obayashi and Rocky Swift report. While earlier this month, U.S. President Donald Trump, along with Japanese Prime Minister Shigeru Ishiba, said that Nippon Steel’s $14.9B bid for U.S. Steel, which was blocked by former President Joe Biden, would take the form of an investment instead of a purchase, Nippon Steel President Tadashi Imai says the steselmaker’s current merger agreement with U.S. Steel will serve as a starting point for discussions with the U.S. government including Department of Commerce.