President set to kill Nippon Steel’s bid in one of his final acts in office
President Joe Biden is expected to block a $15bn deal by Japan’s Nippon Steel to buy US Steel, ending months of frantic lobbying and delivering a setback to Washington’s relationship with its closest Asia-Pacific ally. In one of his final actions in government, Biden — long opposed to the takeover — is expected to announce as soon as Friday his decision to kill the proposed acquisition of the iconic US steelmaker, according to two people familiar with the matter.
The year-long saga’s conclusion marks the failure of an audacious gambit by the Japanese group that soon morphed into a sensitive political issue in an election year. It also represents a significant departure from the US’s long-standing open investment environment.
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