President Joe Biden is expected to block Japan-based Nippon Steel's proposed $14.9 billion acquisition of Pennsylvania-based U.S. Steel on national security grounds, according to reports.
President Joe Biden will attempt to block Japan-based Nippon Steel’s acquisition of Pennsylvania-based US Steel, according to the Financial Times and the Washington Post. The news outlet reported that its sources said the White House would prevent the takeover of the Pittsburgh-based group on national security grounds.Biden, Vice President Kamala Harris and former president Donald Trump have all expressed opposition to Japanese company taking over an American company.
Now it will close by December, meaning it could still close as early as September, according to a company spokesperson, who requested the anonymity customary at Japanese companies.RELATED: Japanese steel company purchasing U.S. Steel in deal worth nearly $15 billionUnder the deal, U.S. Steel will keep its name and its headquarters in Pittsburgh, where it was founded in 1901.The deal includes all of U.S.
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