A US panel vetting Nippon Steel’s proposed takeover of US Steel has been unable to agree on whether President Joe Biden should support the $15bn deal, making it more likely that he will block it during his last weeks in office.
The Committee on Foreign Investment in the US (Cfius) reported to the White House on Monday that the nine agencies on the panel had not reached consensus that the deal posed no security risks, according to Nippon Steel and a person familiar with the matter. Monday was the deadline for Cfius to make a decision.
The lack of agreement puts the decision on a combination — which was agreed more than a year ago — in the hands of Biden, who has already voiced opposition to the Japanese company’s takeover plan and is widely expected to block it.