U.S. President Joe Biden plans to formally block the $14.1 billion sale of United States Steel to Nippon Steel on national security grounds once the deal is referred back to him later this month, people familiar with the matter said.
The Committee on Foreign Investment in the United States panel, which has been reviewing the proposed takeover for much of this year, must refer its decision to Biden by Dec. 22 or 23, said the people, who asked to not to be identified discussing a confidential process.
It’s not clear exactly what the CFIUS review will say. However, any referral to the president suggests at least one member of the panel sees the deal posing a risk. Nippon Steel and U.S. Steel are poised to pursue litigation over the process if Biden decides to block the merger, some of the people said.
