WASHINGTON (Reuters) – U.S. Steel said in a statement on Saturday that the Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for U.S. Steel.
The parties previously had 30 days to unwind their transaction.
The delay will give the courts time to review a legal challenge brought by the parties earlier this month against President Joe Biden’s order.
(Reporting by Alex Alper and Michael Martina; Editing by Nick Zieminski)
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