Nippon Steel Bid to Buy US Steel Gets Extended Antitrust Review
- Justice Department taking deeper look at $14.1 billion deal
- Proposed takeover could be delayed until after US election
If Nippon Steel completes the purchase, the Japanese company would control about 20 million tons of US-based capacity.
Photographer: Justin Merriman/BloombergThe US Justice Department has opened an extended antitrust investigation into Nippon Steel’s $14.1 billion takeover bid for United States Steel Corp., creating additional legal hurdles to completing the deal, according to three people familiar with the situation.
Department regulators are seeking more information on antitrust grounds, according to the people, who asked not to be identified discussing details of a confidential review. The move signals further delays for a deal the companies had hoped would be approved in the second or third quarter and now may not get resolved until after the US presidential election in November.