U S Steel faces multiple buyout offers amid deal talks
U S Steel says it is reviewing several offers after rejecting a 7.3 billion bid from Cleveland Cliffs and seeing a 7.8 billion proposal from Esmark. Shares jumped over 30 percent on buyout speculation as confidentiality agreements with potential buyers are being signed and due diligence proceeds. Cleveland Cliffs CEO Laurence Goncalves notes a potential tie up would boost domestic steel supply.
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Cleveland-Cliffs
Esmark
Pittsburgh
China
Laurence Goncalves
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Goncalves
Cleveland Cliffs
AK Steel
Arcelor- Mittal USA
Big River Steel
J.P. Morgan
Andrew Carnegie
Japan
Biden touts 10 drugs in first Medicare price talks
President Biden highlights potential three year horizon for Medicare price negotiations on ten drugs including Eliquis Jardiance and Enbrel amid GOP criticism and litigation risk. CMS data show these meds cost Medicare patients billions in out of pocket and total spending exceeds 50 billion from 2022 to 2023.
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Joe Biden
Medicare
Biden
White House
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Farxiga
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Stocks rise as economic reports lift markets
Tech led a broad rally as consumer confidence fell and job openings dropped to the lowest since 2021. Nvidia and Apple gained while the Dow, S&P 500, and Nasdaq advanced, boosting bets that the Fed will pause rate hikes in September and November.
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Nvidia
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Sam Millette
Commonwealth Financial Network
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FedWatch
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Ameriprise Financial
3M agrees to six billion earplug settlement
3M will pay 6 billion dollars to settle lawsuits from U S service members alleging hearing loss from Combat Arms Earplugs made by Aearo Technologies. The deal includes 5 billion in cash and 1 billion in stock, with payments through 2029, and covers Florida multidistrict litigation and Minnesota state actions.
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New York
U.S
Aearo Technologies
Aylstock, Witkin, Kreis, & Overholtz Pllc
Florida
Minnesota
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