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The U.S. Division of Justice has opened up an in-depth antitrust investigation of Nippon Metal’s (OTCPK:NISTF) (OTCPK:NPSCY) proposed $14.1B takeover of United States Metal (NYSE:X), Politico reported late Wednesday.
The transfer escalates U.S. authorities scrutiny of the deal, which has been criticized by lawmakers, labor unions, and others who argue that the enduring American firm shouldn’t be owned by a overseas entity, even U.S. ally Japan.
President Biden voiced his opposition to the deal last month and the U.S. Steelworkers union continues to oppose the tie-up; the deal is also beneath evaluation by CFIUS within the U.S.
The launch of the antitrust probe comes whilst Japan Prime Minister Fumio Kishida visits the White House this week; he mentioned he hoped the proposed deal would proceed in a optimistic route however didn’t criticize U.S. scrutiny.
The businesses this week submitted the deal for review by European Union antitrust regulators; the EU has a Might 17 provisional deadline for a call.
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