Potential approach comes weeks after Joe Biden blocked Nippon Steel’s proposed $15bn takeover
Cleveland-Cliffs and Nucor are set to launch a joint bid to acquire US Steel just weeks after US President Joe Biden blocked the $15bn takeover of the Pennsylvania-based group by Japan’s Nippon Steel, said people briefed on the matter. As part of the planned offer, Cleveland-Cliffs will buy all of US Steel in cash and then sell the target’s Big River Steel unit to Nucor, said the people briefed about the matter.
People close to US Steel have been adamant that the only deal the company intends to complete is with Nippon Steel, whose attempt to buy the company was caught up in a political firestorm during the 2024 US presidential election. The two companies have filed a lawsuit alleging “unlawful political interference” by the Biden administration, which in their view blocked the transaction in an effort to win union support in the 2024 race in the crucial swing state of Pennsylvania.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Cleveland-Cliffs and Nucor to Launch Joint Bid for US SteelCleveland-Cliffs and Nucor are planning a joint bid to acquire US Steel, weeks after President Biden blocked Nippon Steel's $15 billion takeover. The offer involves Cleveland-Cliffs buying US Steel for less than $40 a share and selling the Big River Steel unit to Nucor. This comes after Nucor initially approached US Steel shareholders regarding a potential acquisition of its electric furnace assets.
Weiterlesen »
Biden to Block Nippon Steel's $15 Billion US Steel AcquisitionPresident Joe Biden is expected to veto Japan's Nippon Steel's $15 billion bid to acquire US Steel, citing national security concerns. The decision, which could face legal challenges, marks a significant shift in US investment policy and a setback for US-Japan relations.
Weiterlesen »
Biden Blocks Nippon Steel's $15 Billion US Steel AcquisitionUS President Joe Biden blocked a $15 billion deal by Japan's Nippon Steel to buy US Steel, citing national security concerns. The companies plan to challenge the decision legally.
Weiterlesen »
Biden Blocks $15 Billion Nippon Steel Deal for US SteelUS President Joe Biden has blocked a $15 billion deal by Japan's Nippon Steel to buy US Steel, citing national security concerns. The move, which comes with just 17 days remaining in Biden's presidency, is seen as a setback to US-Japan relations and has prompted the companies to threaten legal action.
Weiterlesen »
Nippon Steel and US Steel Sue Biden After $15 Billion Merger BlockedThe companies allege 'unlawful political interference' and 'illegal and coordinated actions' by rivals in the US to prevent the deal.
Weiterlesen »
Biden Blocks Nippon Steel's Acquisition of U.S. Steel, Citing National SecurityPresident Biden intervened to block Nippon Steel's acquisition of U.S. Steel, emphasizing the importance of a robust domestic steel industry for national security.
Weiterlesen »