United States Steel (X) and Nippon Steel are discussing with White House officials ways to preserve their proposed $14 billion merger and secure billions more in investments from the Japanese steelmaker into Rust Belt sites, Semafor reported Friday, citing unnamed sources familiar with the talks.
Nippon Steel has reportedly offered to increase the $2.7 billion it previously proposed to upgrade US Steel facilities, with some saying it could be upped to as much as $7 billion.
Under the new terms, Nippon would retain its offer to acquire the US steel manufacturer for $55 per share, the people told Semafor.
US Steel, Nippon, and the White House did not immediately respond to MT Newswires' requests for comment.
US Steel's stock rose 6.3% in recent Friday premarket activity.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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