Mexico expected to renew approval for Nippon Steel-US Steel partnership on Thursday, according to sources.
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TITLE: Nippon Steel Acquisition of U.S. Steel Clears Final Hurdle
WASHINGTON/MEXICO CITY: The Mexican antitrust regulator, Cofece, is set to renew its approval for Nippon Steel's $14.9-billion takeover of U.S. Steel as early as today, according to inside sources, paving the way for the deal to progress.
This green light, previously granted but expired, is the final step in the long-running saga. Mexican approval, initially given in December 2023, is vital for the merger to go ahead.
Cofece remained tight-lipped when approached for comment. U.S. Steel and Nippon Steel also declined to comment on the matter.
Investors have been on tenterhooks, waiting for President Donald Trump to give the finishing touch to the agreement aimed at addressing any potential U.S. security issues – a deadline that falls today.
The acquisition has faced challenges since the outset, with both former President Joe Biden and Trump expressing their views on U.S. Steel maintaining its American ownership in 2021, prioritizing voter support in Pennsylvania, where U.S. Steel is headquartered[2].
Biden blocked the deal in January due to national security concerns. Resulting lawsuits by the companies alleged biased national security reviews. The Biden White House, however, refuted these claims[2].
A renewed hope emerged with the shift in administration, triggering a fresh 45-day national security review by the Trump administration in April.
Yet, the deal faced confusion due to Trump's varying public comments, ranging from endorsing Nippon Steel's investment in U.S. Steel to suggesting a minority stake for Nippon Steel[2].
Recently, at a rally in Pennsylvania, Trump praised the agreement between the companies, dubbing Nippon Steel a "great partner" for U.S. Steel[2]. However, he later clarified to reporters that the deal still lacked his final approval, leaving uncertainty over whether Nippon Steel would gain ownership.
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The upcoming approval from Cofece marks the final step in the $14.9-billion takeover of U.S. Steel by Nippon Steel, as the Mexican antitrust regulator is expected to renew its approval today. Finance talks have been ongoing, with the deal dependent on the final approval from President Donald Trump, whose decision on the matter is due today.
