Third Point Takes ‘Meaningful’ US Steel Stake in Bet on Deal (1)

New York hedge fund Third Point LLC has taken a “meaningful” stake in United States Steel Corp. and expects a $14.1 billion takeover offer by Nippon Steel Corp. to go ahead, according to an investor letter.

The firm’s billionaire founder Daniel Loeb told investors in a letter that the firm believes the iconic American company will complete its merger with the Japanese steelmaker, despite the transaction being blocked by former US President Joe Biden in January.

“We have a meaningful investment in US Steel, which we believe will complete its planned merger with Nippon Steel based on the industrial logic ...