Biden to Decide on US Steel Takeover After Panel Deadlocks

Wednesday, December 25, 2024

Nippon Steel Corp.'s proposed $12.3 billion acquisition of US Steel Corp. moved a step closer to being blocked after a US national security panel deadlocked on its review and left the final decision with President Joe Biden, who has repeatedly indicated his opposition to the deal.

Posted by lamplighter at 03:33 PM | 1 COMMENT | permalink

Nippon Steel's $15 billion bid for US Steel has been referred to President Joe Biden, a White House spokesman said, giving the president 15 days to decide on a tie-up he has previously said he opposes reut.rs/3VVnjhb

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-- Reuters (@reuters.com) December 24, 2024 at 4:54 AM

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... The case was referred by the Committee on Foreign Investment in the United States to Biden's desk Monday, which was the deadline, according to people familiar with the matter. The proponents were notified that the panel was unable to reach consensus.

The president is said to still be planning on blocking it, though the White House has never said flatly that he would.

He has 15 days from the referral to announce a decision and has repeatedly said US Steel should remain domestically owned and operated.

A White House spokeswoman, Saloni Sharma, said "we received the Cfius evaluation and the president will review it," declining further comment on Monday night. ...

#1 | Posted by LampLighter at 2024-12-24 02:44 PM