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This move may strain relations between the U.S. and Japan, as Japanese Prime Minister Shigeru Ishiba had advocated for the merger to strengthen bilateral ties. Nippon Steel also positioned the deal as a way to strengthen ties between the two nations,
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The block has led to an 8% drop in U.S. Steel’s stock price and raises concerns about potential job losses and plant closures.
Nippon Steel has expressed intentions to challenge the decision in court, though legal experts suggest such a challenge may face significant hurdles.
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FAQs:
Why did President Biden block Nippon Steel’s takeover of US Steel?
President Biden blocked the deal due to national security concerns, as US Steel is considered a critical industry for the United States.
What was the value of Nippon Steel’s proposed acquisition?
The proposed takeover was valued at $14.9 billion.
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