In a regulatory filing, U.S. Steel said its agreement with the union gives the latter the right to counter with its own acquisition offer for assets covered under their bargaining agreement. If the union does not make an offer its board deems superior, U.S. Steel can sell itself to the bidder of its choosing.The union has transferred its right to counterbid for U.S. Steel assets to Cliffs, which disclosed the arrangement on Thursday in a statement.
In a presentation on its website, Cliffs had said that the union's labor agreement with U.S. Steel constituted "a practical right to veto" a deal. It pointed to a requirement for the acquirer to reach a labor agreement with the union before a transaction is completed as a means for the union to stop a company sale.
Cliffs also said on Thursday it agreed to keep in place all arrangements between U.S. Steel and union workers, should its bid prevail.Our Standards:
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