Biden prepares to block Nippon Steel acquisition of U.S. Steel – report
globalreutersSeptember 4, 20241 Mins read US President Joe Biden is preparing to block the Nippon Steel acquisition of U.S. Steel, sources tell the Washington Post.
Shares of US Steel (X) fell about 6% before being halted.
President Joe Biden is preparing to announce that he will formally block
Nippon Steel’s proposed $14.9 billion acquisition of U.S. Steel,
according to three people with knowledge of the matter, who spoke on the
condition of anonymity to describe a matter not yet made public.
It’s not clear exactly how Biden could block a deal but shares traded at $22 before the takeover rumors started a year ago. Fellow steel companies are down around 25% since that time as well, so it could be a quick trip to $16 or lower.
This looks like a volatility halt, not news pending so it should resume trading soon.
The question now is how Japan responds.
This article was written by Adam Button at www.forexlive.com.
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