President Trump's newly voiced opposition to the Nippon purchase of U.S. Steel.
Earlier this week, it looked like maybe President Trump had softened his stance on Nippon Steel's proposed $15 billion buyout of U.S. Steel, when he ordered the panel that looks into proposed purchases of domestic companies by outsiders to take a fresh look at it.
The president reportedly told reporters despite his “love” for Japan, he didn’t want the steel company to be owned by a Japanese company.
The activist shareholder group Ancora Holdings has dropped its proxy bid to try and buy US Steel.
That's after the President ordered the new review of Nippon's attempted purchase earlier this week.
The Pittsburgh Business Times reports Ancora officials believe the developments earlier this week had suggested the rival sale would be approved.
There's no word on if the investment group plans to submit another proposal.