(Bloomberg) — Nippon Steel Corp. is not weighing any alternatives to its thwarted takeover of United States Steel Corp., its chairman and CEO said on Tuesday, shortly after both companies filed lawsuits to rescue the merger.
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The Japanese firm’s $14.1 billion acquisition of its US rival was blocked last week by US President Joe Biden, who cited national security risks despite Japan being a close ally.
The companies on Monday filed a petition with the federal appeals court in Washington, arguing that the Committee on Foreign Investment in the United States failed to consider the deal on national security grounds, and that Biden’s order to block it was made for “purely political reasons.”
“Nippon Steel and US Steel are focused on pushing the deal in its current framework,” Eiji Hashimoto, chairman and chief executive officer of the Japanese steelmaker, told reporters in Tokyo. “I have no thoughts of alternative plans.”
Nippon Steel’s deal to buy US Steel included a $565 million break fee for the American company. Hashimoto said that the penalty fee only comes into play if the merger contract breaks. “Nippon Steel and US Steel are together” in making the deal happen, he added.
–With assistance from Stephen Stapczynski.
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