Nippon Steel has agreed to buy US Steel in a $14.9bn deal, as the Japanese group targets the American market with its largest-ever acquisition.
The world’s fourth-biggest steelmaker by production said on Monday that it would pay $55 a share in cash for the Pittsburgh-based company. Shares in US Steel surged 26.1 per cent to close at $49.59.
The offer price represents a 40 per cent premium to US Steel’s closing share price on Friday, but is more than 140 per cent above where its stock was trading before domestic rival Cleveland-Cliffs offered $7.3bn for the company in August.
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