US extends deadline for Nippon Steel to end bid for US Steel until June

(Bloomberg) — The Committee on Foreign Investment in the United States approved an extension of the deadline for Nippon Steel Corp. to abandon its $14.1 billion takeover of United States Steel Corp., according to a statement from US Steel.

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The deadline will be extended to June 18 from February 2 initially, following President Joe Biden's order to halt the deal earlier this month. A Nippon Steel spokesperson confirmed the extension to Bloomberg News. This new deadline also corresponds to the date set by the two companies to finalize the merger.

The decision comes after the two companies filed a petition with the federal appeals court in Washington, arguing that CFIUS failed to review the deal for national security reasons and that Biden's order to do so blocking had been taken for purely political reasons.

Japanese Prime Minister Shigeru Ishiba is making final arrangements to travel to the United States in the first half of February to meet Donald Trump, who will then have been inaugurated as president of the United States, the Nikkei newspaper reported on Sunday without identifying the source of its information. The report said Ishiba may discuss Nippon Steel's offer with the new president.

Japan's ruling Liberal Democratic Party earlier issued a resolution calling for a reversal of the decision and a specific explanation of the security concerns behind the U.S. decision.

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