US Extends Deadline for Nippon Steel’s US Steel Bid to June
Nippon Steel has until June 18 to finalize its $14.1 billion bid for US Steel after a recent extension by US authorities
Nippon Steel, US Steel, Joe Biden, Japan, Shigeru Ishiba
Washington: So, here’s the scoop. The Committee on Foreign Investment in the US just gave Nippon Steel a little more time. They can now take their time until June 18 to decide on that big $14.1 billion deal to buy US Steel.
Originally, they had to wrap things up by February 2, but President Biden hit the brakes on the deal earlier this month. A spokesperson from Nippon Steel confirmed the new deadline to Bloomberg News, which is also when they planned to finish the merger.
Now, this extension comes after both companies decided to challenge the government’s decision in court. They’re saying the CFIUS didn’t really look at the deal from a national security angle and that Biden’s move was more about politics than anything else.
On another note, Japan’s Prime Minister Shigeru Ishiba is gearing up for a trip to the US in early February. He’s expected to meet with President Trump, who will be newly inaugurated by then. Rumor has it, they might chat about the Nippon Steel bid.
Back in Japan, the ruling Liberal Democratic Party is pushing for a reversal of the US decision. They want a clear explanation of the security concerns that led to this whole situation.
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