Stephen Heifetz, a partner in Wilson Sonsini’s National Security and Trade practice, authored an article for the Council on Foreign Relations titled “The Nippon–U.S. Steel Deal, a Golden Share, and Magic Beans.”

In the piece, Stephen analyzes the Trump administration’s approval of Nippon Steel’s $14.9 billion acquisition of U.S. Steel following extensive political and national security scrutiny. He discusses how the deal was reframed as a “partnership” and approved only after imposing unprecedented mitigation measures—ranging from national security conditions to economic obligations and so-called “optical magic beans,” such as a golden share.

The article raises important questions about whether these terms signal a shift in the U.S. government’s approach to foreign investment oversight.

Click here to read the full article.