The U.S. national security panel reviewing Nippon Steel's $14.9 billion bid for U.S. Steel will let the companies refile their application for approval of the deal, a person familiar with the matter said, delaying a decision on the politically sensitive merger until after the U.S. presidential election.
The move offers a ray of hope for the companies, whose proposed tie-up appeared set to be blocked when the Committee on Foreign Investment in the United States (CFIUS) alleged on Aug. 31 the transaction posed a risk to national security by threatening the steel supply chain for critical U.S. industries.
CFIUS needs more time to understand the deal's impact on national security and engage with the parties, the person said on Tuesday.
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