(Bloomberg) -- Nippon Steel Corp. said it will appoint a board for United States Steel Corp. with a majority of US citizens should its takeover bid be approved, reiterating it will remain an American firm headquartered in Pittsburgh.
The Japanese giant, which launched a $14.1 billion bid for the American counterpart in December, will also name three independent directors who are US citizens, while the core senior management will be Americans, it said in a statement outlining its post-acquisition governance policy on Wednesday.
The announcement is an olive branch to US lawmakers who have opposed the deal, and comes after Democratic Party presidential nominee Kamala Harris this week called for the steelmaker to remain “American-owned, and American-operated.” Both the vice president and Republican nominee Donald Trump have voiced their concerns about the takeover ahead of the November election.
Nippon Steel has said the acquisition will benefit the US steelmaking industry, and has promised it won’t move capacity outside the the nation, and won’t close plants or conduct layoffs. The Japanese firm last week pledged an additional $1.3 billion of investment at US Steel to bolster its case.
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