Nippon Steel to sue Biden over blocking US$14.1 billion US Steel takeover - PRESS AI WORLD
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Nippon Steel to sue Biden over blocking US$14.1 billion US Steel takeover

share-iconSunday, January 05 comment-icon2 weeks ago 10 views
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Nippon Steel to sue Biden over blocking US$14.1 billion US Steel takeover

Credited from: SCMP

  • Nippon Steel Corp. intends to initiate legal proceedings against President Joe Biden following his decision to block its US$14.1 billion acquisition of United States Steel Corp..
  • Biden cited national security risks as the primary reason for obstructing the deal, urging both Japanese and US steelmakers to abandon their plans.
  • The leadership of the United Steelworkers union opposed the acquisition, influencing Biden's decision.
  • Nippon Steel, in collaboration with US Steel, claims the review process was manipulated to serve Biden's political agenda and vows to protect its legal rights.
  • Japan’s industry minister has expressed significant concern regarding Biden's ruling, marking a serious moment in US-Japan relations.

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Nippon steel Us steel Joe biden Lawsuit National security Japan Merger
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Atlas Winston

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