Cleveland-Cliffs (CLF) is teaming up with Nucor (NUE) in a potential bid for US Steel (X), CNBC reported Monday, citing unnamed sources.
Cleveland-Cliffs would buy all of US Steel for cash and then sell the Big River Steel unit to Nucor, the report said.
The per-share acquisition bid would be in the high $30s, the report said.
The companies didn't immediately respond to requests for comment from MT Newswires.
Shares of Cleveland-Cliffs rose 1.8% in recent Monday trading, Nucor advanced 3.1% and US Steel jumped 7.8% in recent trading.
(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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