This picture taken on Feb. 16, 2024 shows a logo of Nippon Steel Corp. at the company's Kyushu manufacturing base in Kitakyushu city of Fukuoka Prefecture.
U.S. President Joe Biden plans to express concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, a person familiar with the matter said on Wednesday, pushing the U.S. company's stock nearly 13% lower on bets the deal could face greater political opposition.
U.S. President Joe Biden plans to express concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, a person familiar with the matter said on Wednesday, pushing the U.S. company's stock nearly 13% lower on bets the deal could face greater political opposition.
In December, Nippon Steel clinched a deal to buy the 122-year-old iconic U.S. steelmaker for a hefty premium, betting that U.S. Steel would benefit from the spending and tax incentives in Biden's infrastructure bill.
The White House declined to comment on Wednesday, but a person familiar with the matter said Biden would issue a statement about the planned acquisition before Kishida arrives for his state visit.
Persons:
Joe Biden, Biden, Fumio Kishida, Donald Trump, Kishida
Organizations:
Nippon Steel Corp, Nippon Steel's, U.S . Steel, U.S, Japanese, Nippon Steel, Steel, Democratic, Republican U.S
Locations:
Kyushu, Kitakyushu, Fukuoka Prefecture . U.S