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© Reuters. U.S. Steel (X) rises 5% on report it will be acquired by Nippon Steel

United States Steel Corporation (NYSE:), commonly known as U.S. Steel, is reportedly being acquired by Nippon Steel.

According to Nikkei, the deal is worth more than 1 trillion yen. U.S. Steel’s market cap, as of Friday’s close, stood at $8.77 billion or 1.25 trillion yen.

The Japanese steelmaker is reportedly expected to make its U.S. rival a wholly owned unit.

U.S. Steel added 5.2% on the report. Shares are up 57% year-to-date on M&A rumors.

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