EU to decide on Nippon Steel’s US Steel bid by May 17, approval a formality
BRUSSELS : Nippon Metallic’s $14.9 billion acquisition of U.S. Metallic Corp will be made up our minds by European Union antitrust regulators by Would possibly possibly presumably perchance well also 17, with their approval a formality, a European Price filing confirmed.
The Jap steelmaker sought EU clearance on April 9, with the EC reviewing the deal below a simplified device, in step with the filing.
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Such a course of is feeble for instances wherein the EU competition enforcer has no competition concerns, or the corporations’ particular person or mixed market piece is low.
Nippon Metallic, which clinched a deal to buy the 122-year-dilapidated American steelmaker for a hefty top rate in December, nonetheless, faces headwinds with U.S. antitrust regulators.
Nippon Metallic has manufacturing bases in Sweden, Finland and Britain and an place of work in Germany whereas U.S. Metallic has a Slovakian subsidiary.
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Source: Reuters
