US President Joe Biden is preparing to block the Nippon Steel acquisition of U.S. Steel, sources tell the Washington Post.
Shares of US Steel (X) fell about 6% before being halted.
President Joe Biden is preparing to announce that he will formally block Nippon Steel’s proposed $14.9 billion acquisition of U.S. Steel, according to three people with knowledge of the matter, who spoke on the condition of anonymity to describe a matter not yet made public.
It’s not clear exactly how Biden could block a deal but shares traded at $22 before the takeover rumors started a year ago. Fellow steel companies are down around 25% since that time as well, so it could be a quick trip to $16 or lower.
This looks like a volatility halt, not news pending so it should resume trading soon.
The question now is how Japan responds.