Amid Opposition From Biden and Workers, Nippon Steel VC Returns To Discuss US Steel Acquisition
Portfolio Pulse from Benzinga Neuro
Nippon Steel's Vice Chairman, Takahiro Mori, is set to visit the U.S. to continue discussions on the $15 billion acquisition of U.S. Steel (NYSE:X). Despite support from U.S. Steel's management, the deal faces opposition from the White House and the United Steelworkers union. The acquisition, initially expected to close by mid-2024, may be delayed due to political resistance and ongoing investigations.
July 03, 2024 | 10:06 am
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Nippon Steel's Vice Chairman, Takahiro Mori, is set to visit the U.S. to continue discussions on the $15 billion acquisition of U.S. Steel. The deal faces opposition from the White House and the United Steelworkers union, potentially delaying the closure until the second half of 2024 or beyond.
The acquisition of U.S. Steel by Nippon Steel is significant, but the opposition from the White House and the United Steelworkers union introduces uncertainty. This could lead to delays in the deal's closure, impacting investor sentiment in the short term.
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