US panel divided over Nippon Steel’s proposed takeover of US Steel – Reuters
Investing.com-- A U.S. national security panel delivered a divided recommendation to President Donald Trump on Nippon Steel Corp’s (TYO: 5401 ) proposed takeover of U.S. Steel Corp (NYSE: X ), though most members believe any risks can be mitigated, Reuters reported on Thursday, citing a White House official.
The Committee on Foreign Investment in the U.S. (CFIUS) submitted its review Wednesday after Nippon Steel boosted its pledged U.S. investment to secure approval.
Nippon Steel has vowed $14 billion in U.S. investments, including a new $4 billion mill, if approved, Reuters reported earlier this week.
While agencies weren’t unanimous, the majority view was that safeguards could address security concerns, the report said.
Trump, who ordered the review last month, now has 15 days to decide on the deal, which Biden blocked in January, prompting a legal challenge from the companies.
The White House said Trump will assess the recommendations before deciding on further action, the Reuters report added.