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Nippon Steel president says suing US govt over rejected bid is an option
The Straits Times
|January 07, 2025
Nippon Steel president Tadashi Imai said filing a lawsuit against the US government is one of the "important options", Nippon Television reported on Jan 6, after US President Joe Biden blocked its proposed purchase of US Steel.
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Mr Imai told reporters that the US government's reviewing process and the decisions over its acquisition proposal did not seem properly handled, adding that Nippon Steel is "entitled to a proper review", according to the report.
Mr Biden cited national security concerns for rejecting the US$14.9 billion (S$20.4 billion) bid on Jan 3 after a year of review.
Mr Imai said it would not take long for the company to announce countermeasures to the US government's decision, the report said.
Shares in Nippon Steel fell only slightly on Jan 6 in their first trading since Mr Biden rejected the deal. His opposition to the deal had been well flagged, and US Steel shares had been trading far below the offer price as a result.
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