Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Esmark, a privately held company, said on Monday it had made an offer to buy US Steel Corp for $35 per share, or an equity value of $7.8 billion.
On Sunday, US Steel launched a formal review of strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs.
The unsolicited cash-and-stock offer from Ohio-based Cleveland-Cliffs valued US Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday.
(By Ananta Agarwal and Ananya Mariam Rajesh; Editing by Shounak Dasgupta)
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