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U.S. Steel shares plummet amid questions over the fate of its merger with Nippon Steel
U.S. Steel shares plunged on Wednesday as Wall Street questioned whether its $14.1 billion deal with Japan’s Nippon Steel is at risk of derailing.
Shares of U.S. Steel plunged as much as 25% in afternoon trading after the Washington Post reported President Joe Biden is preparing to formally block the proposed acquisition. As of 2:35 p.m., shares of U.S. Steel were down $7.12, or 20%, to $28.48.
At an afternoon briefing, a White House official downplayed the Washington Post report, which cited three people familiar with the president’s plans. In a statement, the White House cited a process of review by the Committee on Foreign Investments in the United States, or CFIUS, a panel chaired by the Treasury Secretary.
“CFIUS hasn’t transmitted a recommendation to the President, and that’s the next step in this process,” a White House official stated.
—This is a developing story and will be updated.
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Kroger’s $24.6 billion purchase of Albertsons halted by federal judge
A federal judge on Tuesday blocked Kroger’s $24.6 billion acquisition of Albertsons, ruling that the proposed union would lessen competition for grocery shoppers.
The decision by an Oregon court found in favor of the Federal Trade Commission, which had argued the deal would violate antitrust law.
— This is a developing story.
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Is Hegseth making ground among senators after misconduct allegations?
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Trump jabs at Canada, Trudeau as tariffs threats continue
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