Biden opposes Nippon Steel’s purchase of US Steel |Bunnings accused of abusing its market position | PLCE accused of securities fraud

In today’s Portfolio Intelligence Daily, where we highlight under the radar investment themes and idiosyncratic company risks:?

• Biden opposes Nippon Steel’s purchase of US Steel
• Bunnings accused of abusing its market position?
• The Children's Place (PLCE) accused of securities fraud

Auquan’s analyst team curates these summaries from our intelligence engine, which uses retrieval augmented generation (RAG AI) to uncover unique insights at scale, typically involving emerging markets, supply chains, financially-material ESG risks, and the impact of regulatory changes.

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Biden opposes Nippon Steel’s purchase of US Steel

President Joe Biden announced his opposition to the proposed sale of U.S. Steel to Nippon Steel of Japan. He emphasized the importance of maintaining strong American steel companies with American steel workers.

• Biden's decision to oppose the merger is seen as an expression of his support for unionized workers during an important election year.?
• The move may potentially strain relations with the business community and Japan, an important ally.?
• In December, Nippon Steel announced its plan to acquire the Pittsburgh-based steel producer for $14.1 billion in cash.?
• The transaction has raised concerns about its implications for unionized workers, supply chains, and U.S. national security.

Select timeline

• March 15, 2024 | Biden Is Coming Out In Opposition To Plans To Sell Us Steel To A Japanese Company (AP)
• February 15, 2024 | Biden Faces More Pressure From Environmentalists To Block Steel Merger (NYT)
• January 8, 2024 | The US Steel Deal Is A Test Of Friendshoring—and The US Is Failing (Atlantic Council)#nipponsteel #steel #ussteel #USW

Bunnings accused of abusing its market position?

Greenlife Industry Australia (GIA), which represents the Australian commercial gardening and nursery industry, has publicly expressed concerns about Bunnings' market dominance and treatment of growers? — the first time the sector has brought these issues to light.

• Bunnings is a major retailer in Australia and New Zealand for home improvement and lifestyle products and a large network of stores offering home improvement, outdoor living, and gardening supplies.?
• GIA submitted to the Senate inquiry on supermarket prices, stating that Bunnings' significant market share gives them the power to set prices and control supply.?
• Joanna Cave, CEO of GIA, said growers are hesitant to use Bunnings' anonymous supplier complaints procedure over concerns about the possibility of being identified and facing consequences for their actions.

Select timeline

• March 14, 2024 | Plant Nurseries Accuse Bunnings Of Unfair Trading Practices At Supermarket Inquiry (Floral Daily)
• March 14, 2024 | Go Along With It Or Get Out: Bunnings Accused Of Exploiting Power (The New Daily)
• July 31, 2023 | $500k Penalty For Anti-competitive Covenant (Stuff NZ)#bunnings

The Children's Place (PLCE) accused of securities fraud in suit?

A securities fraud class action lawsuit has been filed against The Children's Place, Inc. (NASDAQ: PLCE).

• PLCE is the stock ticker symbol for The Children's Place Inc., a retail company in the United States that specializes in clothing and accessories for children.
• During the Class Period, it is alleged that defendants did not disclose to investors that the company was participating in aggressive promotions that led to overstating its inventory values, an act that would likely have a negative impact on fiscal 2023 financial results.

Select timeline

• March 14, 2024 | PLCE Investors Have Opportunity To Lead The Children's Place, Inc. Securities Fraud Lawsuit (PR Newswire)
• March 14, 2024 | PLCE INVESTOR NOTICE: Robbins Geller Rudman & Dowd LLP Announces that The Children’s Place, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit (BusinessWire)
• March 10, 2024 | The Children's Place, Inc. Securities Fraud Class Action Lawsuit Pending: Contact Levi & Korsinsky Before April 29, 2024 (KTAL)#plce #thechildrensplace

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