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Teneo and Joele Frank handle the joint statement from Nippon Steel and US Steel condemning president Joe Biden’s decision to torpedo their $15B merger.
Rather than abide by the law, the review process of the deal was “manipulated to advance president Biden’s political agenda,” they claim.
The companies said Biden’s order to block the merger did not present any credible evidence of a national security issue, “making it clear that it was a political decision.”
They took a shot at 81-year old Biden for sacrificing the future of American steelworkers for his political purposes.
Teneo and USS vow to take all appropriate action to protect their legal rights.
They will fight for the deal that would help revitalize Pennsylvania and Indiana communities, provide job security for steelworkers and help the US steel industry compete more effectively with China.
Teneo’s Robert Mead and Jack Coster represent Nippon Steel, while Joele Frank, Wilkinson Brimmer Katcher’s Kelly Sullivan and Ed Trissel handle USS.
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