Nippon Steel said it wouldn't be deterred by Biden’s decision last week to block its $15 billion bid for the storied U.S. steelmaker.
We have written extensively about the president's decision, the political dynamics at play and possible scenarios for the future. Now that Nippon Steel has taken the unprecedented step of suing the government of Japan's most important ally, the saga appears to be far from over, and there will be a lot more to write about.
U.S. Steel and its would-be Japanese suitor filed twin lawsuits Monday to defend their $15 billion merger. President Biden issued an order on Friday to block the deal, citing national security concerns.
U.S. President Joe Biden’s decision to reject a bid by Nippon Steel to acquire U.S. Steel on national security grounds isn’t the first time friction over trade and investment has irked Washington’s closest ally in Asia.
U.S. President Joe Biden's decision to block Nippon Steel's $14.9 billion bid for U.S. Steel casts a shadow over Secretary of State Antony Blinken's visit to Japan on Tuesday for farewell meetings with Washington's most important ally in Asia.
By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden said he was protecting good jobs in the American heartland. He may be putting them at risk instead.
The Japanese firm’s planned purchase of its U.S. rival was blocked last week by President Joe Biden after a year of diplomatic tension, political debate and lobbying efforts from the companies and unions. Biden, who had previously said he opposed the tie-up, cited national-security risks, despite Japan being a close ally.
The companies condemned the president's decision and hinted at taking legal action, while U.S. Steel's CEO accused Biden of "political corruption."
U.S. Steel and Japan’s Nippon Steel sued the United States government on Monday in a last-ditch attempt to revive their attempted merger after President Biden blocked it last week on the basis that the transaction posed a threat to national security.
Japanese companies needing to grow have sought out American deals. Experts say that will not change even after Biden’s rejection of Nippon Steel’s takeover attempt.
By David Shepardson, Tim Kelly, Andrea Shalal WASHINGTON/TOKYO (Reuters) -U.S. President Joe Biden blocked Nippon Steel's proposed $14.9 billion purchase of U.S. Steel on Friday, citing national security concerns,