Donald Trump has approved Nippon Steel’s $14.9bn bid for US Steel after an agreement to settle national security concerns swayed the US president into backing the takeover.
In a White House executive order issued on Friday, Trump approved the “historic partnership”, which comes with conditions including a golden share for the US government and a commitment to invest $11bn by 2028.
The deal’s approval caps 17 months of twists and turns since Japan’s largest steelmaker agreed a deal to buy its US rival, which was blocked by Trump’s predecessor, Joe Biden.
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