Investing.com– Nippon Steel Corp (TYO:) won an extension in a security review of its $14.1 billion pursuit of United States Steel Corporation (NYSE:), likely pushing a decision on the deal past the U.S. elections in November, Bloomberg reported on Tuesday.
Nippon Steel will be allowed to revoke and refile its submission to a U.S. security body overseeing the deal, potentially keeping the transaction alive even as President Joe Biden vowed to kill the deal, Bloomberg reported, citing people with knowledge of the matter.
Shares of U.S. Steel rose over 3% in aftermarket trade, following the Bloomberg report.
The takeover has become a key point of contention in the 2024 elections, specifically in battleground state Pennsylvania, where U.S. steel and the United Steelworkers union are based. The labor group has opposed the deal.
While Biden had vocally opposed the deal, he had stopped short of outright killing it, instead…
