TOKYO: The Japan Business Federation, or Keidanren, released a statement Friday urging a fair review of Nippon Steel Corp.’s bid to acquire United States Steel Corp.

The planned buyout “has garnered significant interest among Japanese companies, especially those considering investing in the United States,” Japan’s biggest business lobby said. “We sincerely hope that the review procedure will be conducted with the utmost integrity and fairness in accordance with the law.”

Keidanren expressed its view after news reports that U.S. President Joe Biden plans to block the acquisition, which is being screened by the U.S. government’s committee on foreign investment.

In a statement released Thursday, the Japan-U.S. Business Council expressed concern over “attempts to politicize (the committee’s) review process,” and called for the screening to be “conducted objectively based on fair rules and processes.”

JIJI Press