U.S. Steel saw its shares rise more than 3% after news that a U.S. security panel has given Nippon Steel permission to resubmit its plans to buy the company for $14.1 billion.
A U.S. national security panel reviewing Nippon Steel’s $14.9 billion bid for U.S. Steel has allowed the two companies to resubmit their application for approval, a source familiar with the matter told Reuters, delaying a decision on the politically sensitive merger until after the Nov. 5 presidential election.
The move offers a glimmer of hope for the two companies, whose proposed alliance appeared on the verge of being derailed after the Committee on Foreign Investment in the United States alleged on Aug. 31 that the deal posed a national security risk by threatening the steel supply chain for vital U.S. industries.
