The Biden administration delayed until June an order for Nippon Steel (NPSCY) to abandon its $14.9B bid for U.S. Steel (X), the companies said on Saturday, giving them some time to revive the politically contentious deal, according to Reuters. President Joe Biden blocked the acquisition on national security grounds on Jan. 3, and Treasury Secretary Janet Yellen said this week the proposed deal had received a “thorough analysis” by the interagency review body, the Committee on Foreign Investment in the United States.
Stay Ahead of the Market:
- Discover outperforming stocks and invest smarter with Top Smart Score Stocks
- Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NPSCY:
- Cleveland-Cliffs currently on the sidelines over U.S. Steel, Semafor says
- Cleveland-Cliffs calls U.S. Steel and Nippon Steel lawsuits ‘desperate’
- U.S. Steel resumed with a Neutral at BofA
- Nippon Steel, U.S. Steel file two lawsuits following President Biden’s blocking
- Biden rejected advisers’ appeals in blocking U.S. Steel bid, WaPo reports