Nippon Steel will make a major investment in U.S. Steel (X) instead of acquiring it for $14.9 billion, US President Donald Trump said Friday in remarks alongside Japanese Prime Minister Shigeru Ishiba, news outlets reported.
"They'll be looking at an investment rather than a purchase," Trump said, according to Reuters.
Trump said he plans to meet with the head of Nippon Steel this week "to mediate and arbitrate" with the company over its yearlong attempt to acquire the US steelmaker despite political opposition, Reuters reported.
Nippon Steel and U.S. Steel did not immediately reply to MT Newswires' requests for comment.
Japan's Chief Cabinet Secretary Yoshimasa Hayashi said Monday that "Nippon Steel is not looking at this as a mere acquisition, but is considering a bold proposal that is completely different from anything it has done in the past," according to Reuters.
Hayashi said the proposal would result in "significant investments" and "high-quality products," the report said.
Shares of U.S. Steel were up 7% in Monday's premarket activity.
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