TOKYO, May 27 (Reuters) - Nippon Steel ( NISTF ) is
considering offering a so-called golden share in U.S. Steel
to the U.S. government in order to finalise its
long-sought acquisition of the iconic American firm, Japan's
Nikkei newspaper reported on Tuesday.
Deliberations over the idea, which would give Washington the
power to veto important management matters, were also reported
by Japan's Kyodo news agency. Neither outlet cited sources for
the information.
Nippon Steel ( NISTF ) declined to comment on the reports and the
White House could not be immediately reached for comment.
Japan's top steelmaker has for months sought to seal a $14.9
billion bid to acquire U.S. Steel, with the deal subjected to
two rounds of national security reviews by the secretive
Committee on Foreign Investment in the United States.
President Donald Trump on Friday signaled support for the
deal, sending the shares of both companies leaping higher, but
his comments have left lingering questions about the scope of
the deal and its costs for the Japanese firm.
Trump said on Sunday that the United States will have
"control" over U.S. Steel as part of the company's "partnership"
with the Japanese firm, but did not elaborate.
If the acquisition is approved, Nippon Steel ( NISTF ) plans to buy
all of U.S. Steel's shares and delist them, Nikkei reported. It
would then be able to issue a golden share and transfer it to
the U.S. government, Nikkei said.
The idea is among several being weighed by Nippon Steel ( NISTF ) and
it has not yet been shared with the U.S. government, it added.