Activist Ancora to Push U.S. Steel $X to Drop Merger With Nippon Steel, Oust CEO - WSJ
✴️Ancora Holdings is preparing to wage a proxy battle at U.S. Steel and wants the company to turn the page from its failed marriage with Nippon Steel.
✴️Ancora intends to rally shareholders around a plan to oust U.S. Steel’s chief executive and drop litigation to salvage a merger with the Japanese steelmaker.
✴️The firm isn’t interested in pursuing a sale of U.S. Steel to another party.
✴️Ancora has nominated nine director candidates to U.S. Steel’s 12-person board, including former Stelco CEO Alan Kestenbaum. Stelco was acquired by Cleveland-Cliffs $CLF last year.
✴️Ancora believes U.S. Steel let shareholders down by selling to a foreign buyer rather than a domestic suitor and pursuing litigation rather than prioritizing financial and operational fixes.