NHK has learned that Japan’s Nippon Steel will resubmit a plan to acquire US Steel. The move is to improve the likelihood of winning Washington’s approval for the deal.
Bloomberg reported the US government is now set to postpone its decision on the takeover until after the presidential election in November.
The two steelmakers agreed on the deal in December last year. It then went to the Committee on Foreign Investment in the US, but became mired in controversy due to the election.
Media outlets reported on Tuesday that it’s likely the committee would allow the Japanese company to resubmit its proposal.
Nippon Steel has declined to comment on the committee’s review.
The United Steelworkers union and some officials in the current US administration have said they oppose the takeover.
But the Washington Post on Friday reported that President Joe Biden isn’t ready to make a decision.
That’s due to concerns the local economy will suffer if the deal fails to go through.