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President Joe Biden is preparing to formally block Nippon Steel Corp’s (OTC:NPSCY) nearly $15-billion acquisition of United States Steel Corp (NYSE:X), according to a Wednesday Washington Post report citing three people with knowledge of the matter.
The move from the Biden administration would be a major hit to the proposed $14.9-billion takeover deal that was announced at the end of last year. Biden said earlier this year that it’s “vital” that U.S. Steel remains a domestically operated American steel company, expressing concerns about the deal.
The proposed acquisition has become a major topic of discussion leading up to the presidential election in November. The Washington Post report indicates the deal was already being investigated by the Committee on Foreign Investment in the United States (CFIUS).
A White House official reportedly said in a statement that CFIUS had not yet given a recommendation to the Biden administration.
U.S. Steel shares fell more than 20% on the news and were briefly halted due to volatility. U.S. Steel announced Wednesday that it would hold a rally in Pittsburgh in support of the Nippon Steel transaction.
“Today’s rally is about displaying support for the transaction with Nippon Steel. We want elected leaders and other key decision makers to recognize the benefits of the deal as well as the unavoidable consequences if the deal fails,” said David Burritt, president and CEO of U.S. Steel.
X Price Action: U.S. Steel shares were down 20.4% at $28.29 at the time of publication, according to Benzinga Pro.
Photo: QinJin from Shutterstock.
