An asset manager is seeking to quash Nippon Steel’s takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company.
Ancora Holdings Group, with $10 billion in assets, reported acquiring a 0.18% stake in the Pittsburgh company. It said Monday that U.S. Steel CEO David Burritt and the company’s board have prioritized a sale to Nippon because they stand to receive more than $100 million if it goes forward.
President Joe Biden blocked the nearly $15 billion acquisition this month — affirming an earlier vow to prevent the acquisition of Steeltown USA’s most storied steel company.
But the deal is not dead
→ Continue reading at The Associated Press
