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Biden Unlikely To Block US Steel Acquisition Before Election

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The Washington Post reports that US President Joe Biden, “will not imminently move to block Nippon Steel’s bid to acquire U.S. Steel amid mounting concerns over the political and economic consequences of nixing the deal.”

  • President Biden, as well as both presidential nominees - Vice President Kamala Harris and former President Donald Trump -, are opposed to Nippon Steel's proposed USD$14.9 takeover, with the White House citing national security concerns.
  • The Post reports: "White House officials have now indicated that such a decision is unlikely in the short term and may not be made until after the 2024 presidential election, according to [sources]... The president remains opposed to the deal, officials said. No announcement was ever scheduled. But the pace of internal deliberations has slowed.”
  • Bloomberg reports that Nippon Steel sent a letter to President Biden on September 8, but a spokesperson from the company declined to disclose the contents of the letter, or whether there was a response.
  • Bloomberg: "The Japanese company dispatched its executive vice president to the US this week, although the United Steelworkers union has said it would not be bullied into accepting it."
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The Washington Post reports that US President Joe Biden, “will not imminently move to block Nippon Steel’s bid to acquire U.S. Steel amid mounting concerns over the political and economic consequences of nixing the deal.”

  • President Biden, as well as both presidential nominees - Vice President Kamala Harris and former President Donald Trump -, are opposed to Nippon Steel's proposed USD$14.9 takeover, with the White House citing national security concerns.
  • The Post reports: "White House officials have now indicated that such a decision is unlikely in the short term and may not be made until after the 2024 presidential election, according to [sources]... The president remains opposed to the deal, officials said. No announcement was ever scheduled. But the pace of internal deliberations has slowed.”
  • Bloomberg reports that Nippon Steel sent a letter to President Biden on September 8, but a spokesperson from the company declined to disclose the contents of the letter, or whether there was a response.
  • Bloomberg: "The Japanese company dispatched its executive vice president to the US this week, although the United Steelworkers union has said it would not be bullied into accepting it."