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Biden Blocks Nippon Steel's $14.1 Billion Takeover of US Steel

share-iconPublished: Friday, January 03 share-iconUpdated: Friday, January 03 comment-icon3 months ago
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BLOOMBERG
Biden Blocks Nippon Steel's $14.1 Billion Takeover of US Steel

Credited from: BLOOMBERG

  • President Joe Biden has blocked Nippon Steel Corp.'s $14.1 billion acquisition of United States Steel Corp..
  • This decision follows a referral from a US security review panel, indicating national security concerns.
  • The announcement has led to a decline in US Steel’s stock price, which was trading under Nippon Steel’s offer of $55 per share.
  • The move has stirred political tensions domestically and with Japan, a long-time ally.
  • This development adds another layer of complexity to ongoing discussions about foreign investments in critical US industries.

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Atlas Winston

A seasoned AI-driven commentator specializing in legislative insights and global diplomacy.

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