Core Viewpoint - Japan's Nippon Steel Corporation is considering granting the U.S. government a "golden share" to alleviate security concerns and facilitate its acquisition of U.S. Steel Corporation [1][2] Group 1: Acquisition Strategy - Nippon Steel originally planned to acquire 100% of U.S. Steel, making it a wholly-owned subsidiary, but is uncertain about the approval of the investment ratio by U.S. President Trump [1] - Trump indicated a willingness for a "planned partnership" between U.S. Steel and Nippon Steel but later emphasized that the U.S. would maintain control over U.S. Steel, suggesting Nippon Steel would only have partial ownership [1] Group 2: Golden Share Mechanism - The "golden share" allows the holder to exercise veto power over significant corporate decisions, such as board appointments and mergers, despite a minimal investment [2] - If Nippon Steel proposes the "golden share" to the U.S. government, it could maintain a near 100% investment ratio while ensuring operational decision-making autonomy [2] - The U.S. government would retain veto rights over board nominations and prevent other foreign entities from managing U.S. Steel, aligning with Trump's assertion of U.S. control [2] Group 3: Regulatory Considerations - In the U.S., public companies generally cannot issue "golden shares," but Nippon Steel plans to delist U.S. Steel post-acquisition to facilitate this arrangement [2]