The Biden administration has delayed an executive order for Nippon Steel to abandon its $14.9 billion bid for US Steel until the current takeover contract expires in June.
“We are pleased that the Committee on Foreign Investment in the United States has granted an extension until June 18 of the requirement in President Biden’s executive order that both parties permanently abandon the deal,” the companies said in a joint statement.
Japanese Foreign Minister Takeshi Iwaya said he told his outgoing US counterpart Antony Blinken during a recent meeting that Biden’s decision to block the sale on national security grounds was deeply regrettable, Reuters reported.
The delay will give US courts time to review a legal challenge the two parties filed earlier this month against Biden’s order, after they had 30 days to cancel the deal.