NEW YORK, May 1 (Reuters) - Hedge fund Third Point owns a "meaningful" stake in U.S. Steel and expects a planned takeover deal to move ahead, and also sees opportunities in the credit markets as investors adjust to policies imposed by the Trump administration.
Billionaire investor Daniel Loeb told investors in a letter seen by Reuters that the firm believes U.S. Steel "will complete a planned merger with Nippon Steel based on the industrial logic of the combination."
The deal had been scuttled earlier in the year but President Donald Trump last month ordered a new national security review, raising hopes some kind of deal may still be worked out.
(Reporting by Svea Herbst-Bayliss)
((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters Messaging: svea.herbst.thomsonreuters.com@reuters.net))
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