Industrial conglomerate Esmark has reportedly backed out of bidding for the acquisition of United States Steel Corp (NYSE: X).
The move came amid pressure from the United States Steel’s workers union, who support the bid from Cleveland-Cliffs Inc (NYSE: CLF), as per WSJ .
Last week, Esmark CEO James Bouchard stated their intention to offer $35 per share to United Steel, following an offer of the same amount by CLF.As per Esmark Chief, the union has threatened to use its power to block other companies, apart from CLF, from attempting to acquire the company. Trending: If You Invested $1,000 In Disney […]
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