Nippon Steel shares fell 5.5% after the announcement of the purchase of US Steel – Kommersant
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At the opening of trading on the Tokyo Stock Exchange, shares of one of the largest metallurgical companies in the world, Nippon Steel Corporation, fell by 5.5%, the agency reports. Reuters. This is how investors reacted to the announcement of the conclusion made the day before after the stock exchange closed. deals on the purchase of American US Steel by a Japanese company.
Under the terms of the deal, Nippon Steel will pay $14.9 billion for US Steel, which represents a 40% premium to the American company’s share price at the close of trading on December 15. Investors in Nippon Steel said they generally expected the Japanese company to look overseas for assets and that the deal made sense from a strategic point of view, but they thought the price was too high. By the end of trading, Nippon Steel shares recovered somewhat from their decline to 2.8%. Meanwhile, US Steel shares soared 26% after the deal was announced.
Read more about the details of the deal in the Kommersant article. “American metal is becoming Japanese”.
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