U.S. Steel today said it's agreed to a $14.9 billion deal to sell to Japan's Nippon Steel.
Zoom in: The $55 per share offer represents around a 40% premium to where Pittsburgh-based U.S. Steel shares closed Friday, Axios' Dan Primack reports.
That's substantially higher than the rebuffed bids from American rivals Cleveland Cliffs and Esmark.
Yes, but: The United Steelworkers union is saying not so fast.
The union — which has made its preference for Cleveland Cliffs' offer loud and clear — has said its contract with U.S. Steel requires any prospective buyer to agree to a new labor deal before a sale can be finalized, Nathan writes.
What they're saying: "The USW does not believe that Nippon understands the full breadth of the obligations of all our agreements," USW president David McCall said.
State of play: The deal will require regulatory approvals, and Nippon says it will honor all of U.S. Steel's existing labor agreements.
