FT News Briefing US Steel gets a new owner
Dec 19, 2023
An activist investor makes waves with a €1.2bn stake in UBS. Meanwhile, Nippon Steel's major acquisition of US Steel for $14.9bn signals a shift in the industry. In Widnes, the emotional demolition of the Fiddler's Ferry coal plant sparks mixed feelings among residents, balancing nostalgia for a cultural landmark with hopes for a renewable future. As communities grapple with change, the local identity faces a transformation that's both poignant and hopeful.
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Cevian Capital's Bet on UBS
- Cevian Capital believes UBS can double its valuation in 3-5 years.
- They've been tracking the bank for 15 years and considered investing in Credit Suisse.
Nippon Steel's Big Buy
- Nippon Steel's acquisition of U.S. Steel is its largest ever, costing nearly $15 billion.
- This move signifies Japan's push for transformative overseas deals.
Demolition Day
- Fiddler's Ferry power station cooling towers, a local landmark, were demolished.
- Locals had mixed feelings, acknowledging the green transition but lamenting the loss of history.