US will have golden share in Nippon Steel's takeover of US Steel, lawmaker says

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2. U.S. Steel situation gets even stranger

9 hours ago - Business

U.S. Steel situation gets even stranger

Dan Primack

The U.S. Steel saga is entering its ludicrous era, more than 17 months after the Pittsburgh-based company agreed to be acquired by Japan's Nippon Steel for around $15 billion.

Why it matters: None of this is working the way it's supposed to, and the chaos has opened the door for potential impropriety.

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Yes, but: U.S. Steel hasn't disclosed any of those details to investors, with its last securities filing coming more than two weeks ago. Nor has it even confirmed that the "partnership" still includes the $55 per share takeover price.

• Yet U.S. Steel shares began trading this morning on the New York Stock Exchange, whose guidelines for listed companies include efforts to "ensure timely disclosure of information that may affect security values or influence investment decisions, and in which shareholders, the public and the Exchange have a warrantable interest."

• Public company mergers almost always present the opportunity for insider trading, but this one seems particularly prone.

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