TOKYO :Nippon Steel shares rallied at the start of Monday trade in Tokyo after U.S. President Donald Trump expressed support for the company’s $14.9 billion bid for U.S. Steel.
Shares of Nippon, the world’s fourth-largest steelmaker, gained 5 per cent to 3,025 yen early morning in Tokyo after being untraded with a glut of buy orders earlier in the day. Nippon shares were the biggest percentage gainer on Tokyo’s benchmark Nikkei 225 index.
On Friday, shares of U.S. Steel soared 21 per cent as investors interpreted Trump’s post on Truth Social to mean Nippon Steel had received his approval for its long-planned takeover, the last major hurdle for the deal.
