Biden to Block Nippon Steel’s Proposed Takeover of US Steel
US President Joe Biden is preparing to block Nippon Steel Corp.’s $14.1 billion takeover of United States Steel Corp., according to people familiar with the matter.
But US Steel, responding on Wednesday evening, vowed to “pursue all possible options under the law to ensure” that the sale is completed.
The proposed deal has been subject to a review by the secretive Committee on Foreign Investment in the United States, and Biden plans to kill it as soon as the CFIUS referral lands on his desk, said the people, who asked not to be identified because the move hasn’t yet been announced. A decision could be made as soon as this week, they said. The Washington Post earlier reported on Biden’s plan.
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