(Bloomberg) -- Nippon Steel Corp. has hired former US Secretary of State Mike Pompeo to help complete a proposed purchase of United States Steel Corp., a...
-- Nippon Steel Corp. has hired former US Secretary of State Mike Pompeo to help complete a proposed purchase of United States Steel Corp. , a deal facing bipartisan opposition from Donald Trump and President Joe Biden .Biden Vows Return to Campaign Trail Despite Calls to Quit
Nippon Steel has positioned the deal as a potential counterweight to China, arguing that its purchase of US Steel would give Nippon Steel sufficient scale to compete with Chinese counterparts seeking to dominate the market. “Under President Trump, the Chinese Communist Party, which to this day presents the greatest threat to our nation from outside of our country, we confronted it like never before,” he said.The Nippon Steel bid — offered at a premium well above the current trading price — faces bipartisan headwinds. Biden opposes it and has said US Steel will remain American-owned, “guaranteed,” but has so far not blocked it.
The $55-per-share purchase was announced in December. Nippon Steel has continued to pursue the acquisition, despite political blow-back, and has delayed its initial timeline for completing the transaction.
Mike Pompeo Nippon Steel President Joe Biden United States Steel Corp. Bloomberg United Steelworkers Union US Secretary Of State Bipartisan Opposition
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