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Nippon Steel delays closing of acquisition of U.S. Steel until late this year after Justice Department request

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Tokyo-based Nippon Steel Corp. said the deal, already approved by U.S. Steel’s shareholders, is still expected to go through

Nippon Steel said Friday it has postponed the expected closing of its $14.1-billion takeover of U.S. Steel by three months after the U.S. Department of Justice requested more documentation related to the deal.

“Nippon Steel will continue to fully co-operate with the examination of the relevant authorities,” it said in a statement. The new timing could push the closing beyond the election, but Nippon Steel denied the delay was related to that. More than 98 per cent of the Pittsburgh-based U.S. Steel Corp. shares voted at a special investor meeting in April approved the takeover. Nippon Steel has said it has prepared adequate financing to go through with the deal.

 

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