Joe Biden delays order to end Nippon Steel bid for US Steel
by Reuters from on (#6TGHX)
Suspension of executive order until 18 June gives courts time to review steelmakers' legal challenge
The Biden administration has delayed until June an order for Nippon Steel to abandon its $14.9bn bid for US Steel, potentially giving the companies some time to revive the politically contentious deal.
Joe Biden blocked the acquisition on national security grounds on 3 January and the treasury secretary, Janet Yellen, said this week the proposed deal had received a thorough analysis" by the Committee on Foreign Investment in the United States (CFIUS).
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