US President Biden has blocked the proposed sale of United States Steel Corporation (US Steel) to Japan's Nippon Steel, citing national security concerns. The decision has sparked uncertainty for the American company and fueled tensions with Japan, a long-time diplomatic ally.
The decision by United States Steel Corp. has sparked fresh uncertainty for the American icon that’s been at the heart of a domestic political firestorm in the US and fueled tensions with long-time diplomatic ally Japan. Biden announced his formal decision on Friday after the case was referred to him by a US security review panel and US Steel shares fell in response, trading well below Nippon Steel’s $55 per share offer for the firm, which traces its roots back to 1901 when J.
Pierpont Morgan merged a collection of assets with Andrew Carnegie’s Carnegie Steel Co. There are a number of avenues the company might now go down to secure its future as Donald Trump prepares to take the reins of the US government from Biden. Here’s a look at what could happen.It’s a high bar. US statute makes it clear that American presidents are granted the power to kill a deal they deem a threat to national security, and the codification of that law means it is unlikely to be an attractive case for the Supreme Court, were appeals to reach that level. The Committee on Foreign Investment in the United States, a secretive panel that scrutinizes proposals by foreign entities to purchase companies or property in the US, was unable to reach a decision on the deal, sending it to the White House for However, US Steel and Nippon Steel might argue on procedural grounds. Cfius sent a letter to the companies in late August, saying that the deal posed a threat to national security. The companies intervened with a 100-plus page letter and a meeting in Washington with the Cfius panel, which granted an extension. The chain of events was unusual. Companies are typically given a warning that a deal has problems that need mitigation, and then are given time to address those issues. In this case, there wasn’t the same warning time given, which could leave the door open for litigation. Though, it still may be a tough uphill climb to win a cas
POLITICS US STEEL NIPPON STEEL BIDEN NATIONAL SECURITY MERGERS AND ACQUISITIONS
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