Nippon Steel shares rise after news Biden close to blocking its U.S. Steel buy
index, after the news that the White House was looking to block the company's $15 billion bid for its peer U.S. Steel.
While losing more than 1% in the early trading in Tokyo on Thursday, Nippon Steel's shares recovered to trade 1.5% higher by 0144 GMT, outperforming the wider Nikkei index which was flat. U.S. Steel shares closed down 17.5%. To win support from the influential United Steelworkers union, Nippon Steel has pledged to move its U.S. headquarters to Pittsburgh, where U.S. Steel is based, to invest over $2.7 billion in union-represented facilities and to ensure that the core senior management as well as a majority of board members at the U.S. company would be U.S. citizens.
"Japan is one of our most staunch allies," U.S. Steel said in a statement."We fully expect to pursue all possible options under the law to ensure this transaction... closes."
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