US Steel Shareholders Approve Nippon Buyout Despite Biden Opposition

U.S. Steel shareholders have overwhelmingly approved Nippon Steel Corp.’s proposed $14.9 billion acquisition of the firm, pushing forward with the merger despite opposition from the Biden administration. More than 98 percent of the votes cast were in favor of the merger deal with the Japanese firm, representing 71 percent of the outstanding U.S. Steel stock as of the record date, according to the company. “The overwhelming support from our stockholders is a clear endorsement that they recognize the compelling rationale for our transaction with NSC,” U.S. Steel CEO David Burritt said in a statement. “This is an important milestone as we progress toward completing the transaction,” he added....