Shareholders of both trusts should approve the merger, and the shares of each are a buy.

One will allow shareholders to approve the merger without a 170 million bonus pot, the other to approve the merger with the bonuses.

Shareholders have yet to approve the merger.

Negotiations were necessarily drawn out over many months because each association was required to approve the merger at its annual meeting.

But despite the agreement of the steel companies, federal regulators, and others, the banks carrying the debt for these companies refused to approve the merger and the plan was dropped.