Nippon Steel has committed to spending more than $25 billion to buy United States Steel and make further investments into the storied American company, and even after all that — after buying 100% of the equity — it won't fully control the steelmaker.
In the transaction, the United States government will receive a golden share in the U.S. steelmaker, which will give it veto power over a number of activities and a degree of control over its board of directors.
The incredibly restrictive conditions, which are permanent, might have been accepted because they align with what the Japanese steelmaker was planning on doing all along; the conditions might not restrain the future parent at all.
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