Washington ¨C The U.S. national security panel reviewing Nippon Steel¡¯s $14.9 billion bid for U.S. Steel will let the companies refile their application for approval of the deal, a person familiar with the matter said, delaying a decision on the politically sensitive merger until after the U.S. presidential election.
The move offers a ray of hope for the companies, whose proposed tie-up appeared set to be blocked when the Committee on Foreign Investment in the United States (CFIUS) alleged on Aug. 31 the transaction posed a risk to national security by threatening the steel supply chain for critical U.S. industries.
CFIUS needs more time to understand the deal¡¯s impact on national security and engage with the parties, the person said on Tuesday.
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