Market
Story
Biden Set to Block $14.1B Nippon Steel Acquisition of U.S. Steel, Shares Drop 18%
Dec 10, 2024, 08:33 PM
President Joe Biden is set to block the $14.1 billion acquisition of United States Steel Corp. by Japan's Nippon Steel Corp. on national security grounds. The decision, expected to be formally announced later this month, follows a referral from the Committee on Foreign Investment in the United States (CFIUS). The move has led to a significant drop in U.S. Steel shares, with trading being halted multiple times due to volatility. Shares of U.S. Steel fell as much as 18% before the latest halt. Both companies are likely to pursue litigation if the deal is blocked, according to reports. U.S. Steel shares were down 9% and halted for volatility after falling 8.8% in New York.
View original story
Similar markets
Between $30 and $35 • 25%
Between $35 and $40 • 25%
Above $40 • 25%
Below $30 • 25%
Stock recovers to pre-block level • 25%
Stock falls further • 25%
Stock remains below pre-block level • 25%
Stock exceeds pre-block level • 25%
Increased profitability • 25%
Significant restructuring • 25%
Status quo • 25%
Decreased profitability • 25%
Break-even • 25%
Loss reported • 25%
Profit decrease • 25%
Profit increase • 25%
Acquired by Domestic Entity • 25%
Remains Independent • 25%
Acquired by Foreign Entity • 25%
Other • 25%
Decrease by more than 10% • 25%
Increase by 0-10% • 25%
Increase by more than 10% • 25%
Decrease by 0-10% • 25%
Other • 25%
No significant change • 25%
Increased capacity • 25%
Decreased capacity • 25%