Cleveland-Cliffs And U.S. Steel Lock Horns Amid Tensions In Sale Proceedings: Report
Portfolio Pulse from Nabaparna Bhattacharya
United States Steel Corporation (NYSE:X) and Cleveland-Cliffs Inc. (NYSE:CLF) are reportedly in a dispute over a confidentiality agreement, following Cliffs' public cash-and-stock offer to acquire U.S. Steel at $35 per share. U.S. Steel has not yet revealed its books to Cliffs, as it is taking initial proposals from other potential acquirers. Cliffs, which wants to acquire U.S. Steel in a $7.1 billion deal, has declined to sign a six-month standstill deal. Arcelor Mittal (NYSE:MT) is also reportedly considering a bid for U.S. Steel.
September 21, 2023 | 12:00 pm
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NEUTRAL IMPACT
Arcelor Mittal is reportedly considering a bid for U.S. Steel.
Arcelor Mittal's potential bid for U.S. Steel could have an impact on its share price, but it's too early to determine the direction.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Cleveland-Cliffs is in a dispute with U.S. Steel over a confidentiality agreement amid its bid to acquire the company. The company's shares are trading lower.
The ongoing dispute with U.S. Steel and the potential acquisition could create uncertainty among investors, leading to a decrease in Cleveland-Cliffs' share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
U.S. Steel is in a dispute with Cleveland-Cliffs over a confidentiality agreement amid acquisition talks. The company's shares are trading lower.
The ongoing dispute with Cleveland-Cliffs and the potential acquisition could create uncertainty among investors, leading to a decrease in U.S. Steel's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100