 "Trump's 'golden share' in US companies keeps getting bigger")
US President Donald Trump is extending his corporate influence through “golden share” arrangements, this time in L3Harris Technologies and Atlantic Alumina Company (ATALCO), as his administration accelerates efforts to secure US supply chains for critical minerals, defence technologies and reduce reliance on China.
Under recent agreements, the US government has committed $1 billion to L3Harris Technologies and $150 million to ATALCO, the companies said.
L3Harris will spin off its rocket motor business into a new publicly traded entity backed by a $1 billion government investment in convertible securities. These securities will automatically convert to common equity when the company goes public later in 2026.
Separately, the US Department of War invested $150 million in preferred equity in ATALCO to build the nation’s first large-scale gallium production facility.
ATALCO operates the only alumina refinery in the US and is expanding into gallium production to strengthen domestic supplies of critical minerals for aerospace, defence, semiconductors, and energy technologies. The gallium circuit will be set up at ATALCO’s Gramercy, Louisiana plant, the company said.
The partnership underscores Washington’s push to reduce reliance on China by converting federal grants into equity stakes, giving the government a direct say in strategic industries.
What is ‘golden share’ and how does it work?
A golden share is a special type of share that gives its holder extraordinary rights in a company, even if they own only a small stake. Unlike ordinary shares, a golden share typically grants veto power over key decisions such as mergers, acquisitions.
The golden share is embedded in a company’s shareholder agreement. While the holder may not control day-to-day operations, they can block decisions that could affect national security or public interest.
Governments deploy golden shares to safeguard strategic sectors from foreign influence or hostile takeovers.
It started with US Steel
As part of its $15 billion merger between American steelmaker US Steel and Japan based-Nippon Steel, Trump gained power to appoint board members and veto decisions affecting plant closures, corporate headquarters, name changes and wage reductions.
Last Year, Trump also took a 10% stake in Intel under a deal with the struggling chipmaker that converts government grants into an equity share.
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