Japan’s Nippon Metal extends cut-off date for U.S. Metal acquisition By Reuters

TOKYO (Reuters) – Japan’s Nippon Metal mentioned on Thursday it has prolonged the closing interval for its $15 billion buy of U.S. Metal, expressing confidence that the acquisition will shield and develop the American firm.

The estimated cut-off date was revised to the primary quarter of 2025 from the third or fourth quarter of 2024 beforehand.

On Monday, a U.S. overseas funding committee referred the choice whether or not to approve or block the deal to U.S. President Joe Biden, who has 15 days to resolve.

Biden and his incoming successor, Donald Trump, have each expressed opposition to the acquisition.

“Nippon Metal hopes that the President will use this time to conduct a good and fact-based analysis of the acquisition. We stay assured that the acquisition will shield and develop U.S. Metal,” Nippon Metal mentioned on Thursday.

It added that the assessment means of the antitrust division of the U.S. Division of Justice was additionally underway, with out specifying when it might finish.