Nippon Steel Offers U.S. Veto Power to Secure Approval for U.S. Steel Acquisition - PRESS AI WORLD
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Nippon Steel Offers U.S. Veto Power to Secure Approval for U.S. Steel Acquisition

share-iconPublished: Wednesday, January 01 share-iconUpdated: Wednesday, January 01 comment-icon11 months ago
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REUTERS
Nippon Steel Offers U.S. Veto Power to Secure Approval for U.S. Steel Acquisition

Credited from: REUTERS

  • Nippon Steel has proposed granting the U.S. government veto power over any potential production cuts at U.S. Steel to secure approval for its acquisition.
  • This offer comes as the Committee on Foreign Investment in the U.S. (CFIUS) has referred the decision to President Joe Biden.
  • Biden has until January 7 to act on this decision, given his departure from office on January 20.
  • If no action is taken by Biden, the merger would receive automatic approval.
  • Nippon Steel's proposal includes a commitment to maintain production capacity at U.S. Steel's mills for the next 10 years unless reviewed by a Treasury-led panel.

For more details, visit the original article here.

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