Reading tea leaves here: Morgan Stanley is clearly acquiring a material position for a client. If you search for historical instances of "Morgan Stanley substantial" here on hotcopper, you'll see this is usually in conjunction with Mitsubishi (MUFG, MS strategic partner and 22% owner) on behalf of Japanese clients. Nippon Steel, along with other JP/SK steel cos, would seem like the obvious candidate.. Nippon lead the 15% JP/SK consortium CBMM acquisition in 2011, clearly has a strong working relationship with Mitsubishi, e.g. Mitsubishi is financing the attempted US Steel acquisition, along with the other two JP megabanks. And if Biden nixes that takeover, Nippon should have plenty of cash to throw at WA1.
Anyway, idle speculation, and kind of out of my depth.. any other ideas?
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