NEW YORK, Jan. 27 (Xinhua) -- An asset manager is seeking to quash Nippon Steel's takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company.
Ancora Holdings Group, with 10 billion U.S. dollars in assets, reported acquiring a 0.18 percent stake in the Pittsburgh company. It said on Monday that U.S. Steel CEO David Burritt and the company's board have prioritized a sale to Nippon because they stand to receive more than 100 million dollar if it goes forward.
Former U.S. President Joe Biden blocked the nearly 15 billion dollars acquisition this month, affirming an earlier vow to prevent the acquisition of Steeltown USA's most storied steel company.
But the deal is not dead yet. The deadline to unwind the proposed takeover was extended by the Biden administration and this month U.S. Steel and Nippon challenged the Biden decision in a federal lawsuit.
Ancora is seeking an independent slate of directors at U.S. Steel and new CEO that are committed to walking away from the Nippon deal, according to The Associated Press.
In an open letter on Monday, the firm said it has nominated nine independent directors for election at U.S. Steel's annual shareholders meeting this year. Those directors have a plan that includes making Alan Kestenbaum, a former steel executive, the new chief executive of U.S. Steel. ■
