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Teneo is handling Nippon Steel Corp. as it acquires United States Steel Corp. for $14.9B as part of its strategy to add steel-making capacity in “districts and areas where demand is promisingly expected to grow.”
The transaction follows NSC’s acquisitions in India and Thailand as it seeks to achieve its goal of producing 100M tons of steel per year. With USS, NSC’s capacity hits the 86M mark.
NSC president Eiji Hashimoto said his company “has long admired USS with deep respect for its advanced technologies, rich history and talented workforce." His company is committed to honoring all agreements with USS’ existing union contracts.
NSC’s $55 per share offer represents a 40 percent premium over USS’ Dec. 15 closing stock price. The transaction is expected to close in the second or third quarter of 2024.
Robert Mead, Teneo Americas chairman, heads the NSC team that includes senior managing directors Monika Driscoll and Tucker Elcock.
Joele Frank, Wilkinson Brimmer Katcher’s Kelly Sullivan and Ed Trissel represent USS.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
