Nippon Steel Corp. is not weighing any alternatives to its thwarted $14.1 billion takeover of United States Steel Corp., its chairman and CEO said on Tuesday, shortly after both companies filed US lawsuits to rescue the acquisition.
The companies have filed a petition with the federal appeals court in Washington, arguing that the Committee on Foreign Investment in the United States failed to consider the deal on national-security grounds, and that Biden’s order to block it was made for “purely political reasons.” They also filed a lawsuit against rival Cleveland-Cliffs Inc. and United Steelworkers President David McCall, alleging anticompetitive activities.
The two companies are asking the US Court of Appeals for the District of Columbia Circuit to set aside an “unlawful” review and Biden’s subsequent order, and to demand a new review, they said in a joint statement. A months-long court battle is now likely, but it is not clear that will improve the prospects for the deal to ultimately succeed—US law gives the president the power to kill any merger deemed a threat to national security. President-elect Donald Trump, meanwhile, has also voiced his opposition to the takeover.
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