U.S. will get golden share in U.S. Steel-Nippon Steel deal, Bloomberg reports

The U.S. government will have veto power over key decisions relating to U.S. Steel (X) as part of a national security agreement deal with Nippon Steel (NPSCY) that would approve the Japanese company’s bid for the steel company, Bloomberg’s Joe Deaux and Josh Wingrove report. The deal put forward to the Committee on Foreign Investment int he U.S. and to the President includes the original $55 per share acquisition offer, plus $14B in new investments, two people familiar with the matter say. Senator Dave McCormick, a Pennsylvania Republican and Trump ally, confirmed some of the details on Tuesday, including $2.4B to be invested in the Mon Valley plant. “The control structure is going to be somewhat unique,” McCormick said. “It’ll be a U.S. CEO, a U.S. majority board, and then there’ll be a golden share, which will essentially require U.S. government approval of a number of the board members, and that’ll allow the United States to ensure production levels aren’t cut and things like that.”