Arbitration Board Clears Path for Nippon Steel's Acquisition of U.S. Steel

📆 9/25/2024 6:02 PM
📰 FoxBusiness

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Mergers And Acquisitions,Steel Industry,Labor Relations

An arbitration board has ruled that Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel complies with the company's labor agreement with the United Steelworkers union, removing a potential obstacle to the deal.

An arbitration board on Wednesday ruled that Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel has complied with the requirements of the firm's labor agreement with the United Steelworkers union, removing a potential hurdle to the deal ultimately proceeding. The arbitration board, which was selected by U.S.

Nippon Steel told FOX Business in a statement it was pleased with the arbitration board's findings that it has complied with the Basic Labor Agreement between U.S. Steel and the USW. "We remain focused on forging a productive relationship with the USW, which includes fulfilling our commitments that go far beyond what is currently required in the existing BLA and delivering on our goal to protect and grow U.S.

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Arbitration board gives green light to US Steel-Nippon Steel merger over union's objectionsNippon Steel's bid to buy U.S. Steel was given the green light by an arbitration board tasked with reviewing the United Steelworkers union's complaints with the transaction.
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