The United States will have a “golden share” in Japan-owned Nippon Steel’s acquisition of U.S. Steel, giving it veto power over some key decisions, Sen. Dave McCormick (R-Pa.) said on May 27.
Speaking to CNBC, the Pennsylvania lawmaker said the details of the deal are laid out in a national security agreement that the companies are expected to sign with the government.
“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 will be a golden share, which will essentially require U.S. government approval of a number of the board members, and that will allow the United States to ensure production levels aren’t cut and things like that.”…