President Joe Biden plans to announce that he is blocking a $14.3 billion acquisition of US Steel by Japan’s Nippon Steel, an administration official told CNN, marking a significant use of executive authority in the closing days of his administration. The announcement is likely to be made on Friday, the official said. The move, which was first reported in the Washington Post and New York Times, is not a surprise but could have implications for future foreign investment in American companies.
” The United Steelworkers union has strongly opposed the deal since the moment it was announced, arguing that Nippon has not given it sufficient guarantees that it would protect unionized jobs at some of the company’s older mills staffed by union members. But Biden’s opposition to the deal may not be the final say: Nippon and US Steel have vowed to fight to win approval of the deal in court even if the Biden or incoming Trump administration tries to block it.
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Nippon Steel Extends US Steel Acquisition Deadline as Biden Weighs BlockNippon Steel has pushed back the closing date for its acquisition of U.S. Steel to the first quarter of 2025, from a previous target of late 2024. The decision comes as President Joe Biden considers whether to block the deal, citing concerns about foreign ownership of the company.
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Biden decides to block Nippon Steel's $15 billion acquisition of U.S. Steel: ReportThe White House is expected to announce U.S. President Joe Biden’s decision to block Nippon Steel’s $15 billion takeover bid of U.S. Steel on Friday.
출처: NBCDFW - 🏆 288. / 63 더 많은 것을 읽으십시오 »
Biden Expected To Block Nippon Steel's Acquisition of U.S. SteelThe White House is expected to announce President Biden's decision to block Nippon Steel's proposed acquisition of U.S. Steel as early as Friday. The Committee on Foreign Investment in the United States (CFIUS) raised concerns that the deal could pose a risk to national security by potentially reducing U.S. Steel's production capacity. Despite assurances from U.S. Steel regarding the deal's benefits, including maintaining its headquarters in Pittsburgh and a U.S.-based board of directors, Biden has long opposed the transaction.
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