It seemed more and more inevitable. American President Joe Biden has decided to block the proposed takeover of the American steel group US Steel by its Japanese competitor Nippon Steel, a $14.9 billion operation, a person familiar with the matter said on Friday, January 3.
The Committee for Foreign Investment in the United States (CFIUS) had put the decision on this takeover project in the hands of Joe Biden, who must leave the White House on January 20. Joe Biden decided to block the takeover despite the efforts of some of his advisers, who fear seeing relations between the United States and Japan suffer, according to the Washington Post.
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A White House spokesperson declined to comment, as did a spokesperson for Nippon Steel. A source told Reuters that Joe Biden could announce his decision as early as Friday.
Joe Biden and Donald Trump both opposed to the buyout
Joe Biden has repeatedly announced that he wants to block this acquisition and his successor, Donald Trump, has also opposed this takeover of a 122-year-old company emblematic of the American steel industry, which could harm critical steel production. for transport, construction and agriculture.
Nippon Steel already indicated in early December that it would work with US Steel to evaluate its options and take all steps to reach a fair conclusion if necessary. The two companies should also claim compensation, Bloomberg estimated before the effective blocking of the operation.
Avec Reuters (Avec Devika Nair, Kanishka Singh, Alexandra Alper, Katya Golubkova, Yuka Obayashi, Satoshi Sugiyama et Nobuhiro Kubo; version française Camille Raynaud)
