Investing.com — Nippon Metal Company stated Thursday it has prolonged the cut-off date of its $15 billion acquisition of United States Metal (NYSE:) Company to the primary quarter of 2025, revising its earlier estimate of end-2024.
The delay follows a call by the Committee on International Funding in the USA (CFIUS) to refer the transaction to President Joe Biden for evaluate.
The president has 15 days to determine whether or not to approve or block the deal. Moreover, the U.S. Division of Justice’s antitrust division remains to be conducting its personal investigation, with no timeline offered for its conclusion.
Nippon Metal expressed confidence within the deal, emphasizing its dedication to preserving and bettering US Metal’s operations.
“We stay assured that the acquisition will shield and develop US Metal, creating the perfect steelmaker with world-leading capabilities for the advantage of American staff and prospects,” the corporate stated.
The Japanese steelmaker additionally highlighted its plans for important investments in US Metal’s amenities and workforce, aimed toward strengthening US metal manufacturing and supporting nationwide safety, financial stability and the creation of jobs.
The acquisition was met with political opposition, with President Biden and incoming President Donald Trump signaling reservations about shopping for the enduring American firm abroad.
Regardless of this, Nippon Metal referred to as for a “truthful and fact-based evaluation” of the deal throughout ongoing critiques.
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