Nippon Steel has officially finalized its $14.9 billion acquisition of U.S. Steel, concluding an arduous 18-month process marked by political resistance and regulatory scrutiny. Under the deal, Nippon acquired 100% of U.S. Steel’s shares at $55 each, aligning with its original December 2023 offer. A striking element of the merger is the inclusion of a “golden share” granted to the U.S. government, giving President Donald Trump the authority to appoint a board member and wield veto power over major corporate decisions, such as plant closures and job relocations. This level of government control, introduced to satisfy national security concerns, sets a potentially chilling precedent for foreign investments in U.S. firms and has drawn concern from national security lawyers.

Daimler Truck - Toyota

Mitsubishi Fuso and Hino Motors, subsidiaries of Daimler Truck and Toyota respectively, have finalized a long-anticipated merger set to launch by April 2026. The merger of equals creates a new publicly traded truck company headquartered in Japan, with both parent companies holding 25% each. The new firm aims to lead the Asia-Pacific commercial vehicle sector, prioritizing CASE (connected, autonomous, shared, and electric) innovations, including hydrogen technology.

Equinox Gold - Calibre Mining

Equinox Gold completed its acquisition of Calibre Mining in a $1.8 billion all-stock transaction, creating a diversified gold producer operating in five countries across the Americas. The merger, which saw Calibre shareholders receive 0.35 Equinox shares each, faced initial opposition from key stakeholders but eventually gained full regulatory and court approval. The combined entity will continue as Equinox Gold, with integrated leadership and plans for expanded production.

Banco Santander - Sabadell

Banco Santander is reportedly in preliminary talks with Sabadell, owner of TSB Bank, to explore a potential merger focused on their high street banking operations. While the discussions are in the early stages, a combination could reshape retail banking in the UK. Regulatory scrutiny is expected, given the consolidation impact such a deal might have on consumer banking competition.

Fuji Co. - Sunny Tsubaki

Fuji Co. will absorb its real estate leasing subsidiary Sunny Tsubaki in a streamlined merger set for September 1. Citing limited growth prospects, Fuji is writing off 750 million yen in loans to the subsidiary, recording a 16.1 million yen extraordinary loss. The move is part of a broader effort to simplify operations and shed underperforming assets.

International Game Technology - Brightstar

International Game Technology has rebranded its global lottery arm as Brightstar Lottery ahead of its business sale to Apollo Global Management’s Voyager Parent. This transition isolates IGT’s lottery operations as a standalone entity focused exclusively on the lottery space. The reorganization anticipates the finalization of the gaming and digital business sale, expected by July 1.

Sparebanken Norge - Oslofjord Sparebank

Norwegian lenders Sparebanken Norge and Oslofjord Sparebank have both approved a merger plan to consolidate into a new savings bank by December 1. The transaction has cleared internal boards and shareholder meetings, with regulatory approval pending. This union is expected to enhance regional banking services and customer reach in Norway.

Deliveroo - DoorDash

UK-based Deliveroo has received shareholder approval for its proposed acquisition by U.S. food delivery giant DoorDash. The transaction, structured as a court-sanctioned scheme of arrangement, is slated to take effect in Q4 2025. Pending final regulatory and court approvals, the merger marks DoorDash’s strategic expansion into the European delivery market.

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