Deals
US Extends Deadline for Nippon Steel to End US Steel Bid to June
- US President Biden earlier this month blocked takeover plan
- Both companies have appealed for deal to be allowed to proceed
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The Committee on Foreign Investment in the United States approved an extension of the deadline for Nippon Steel Corp. to abandon its $14.1 billion takeover of United States Steel Corp., according to a statement by US Steel.
The deadline will be extended to June 18 from Feb. 2 originally, following President Joe Biden’s order to halt the deal earlier this month. A Nippon Steel spokesperson confirmed the extension to Bloomberg News. The new deadline is also the date the two companies had set for completing the merger.