Dealmakers are concerned that President Donald Trump has set a dangerous precedent for politically sensitive tie-ups by taking a “golden share” in US Steel as a condition for approving its takeover by Japan’s Nippon Steel.
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Still, Anthony Rapa, a Washington-based partner and co-chair of the international trade practice at Blank Rome, said it seemed “reasonably likely that the use of a ‘golden share’ mechanism will be reserved only for more sensitive or complex cases”.
But he cautioned that “it could be the case that the Trump Administration will make more use of this tool in order to drive outcomes consistent with its ‘America First’ investment policy”.
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"Dealmakers Fear Trump Has Set Precedent with ‘Golden Share’ in US Steel," by Harry Dempsey was published in Financial Times on June 18, 2025.
