The White House has come out against Nippon Steel's planned $15 billion acquisition of United States Steel (NYSE: X), and investors are worried about what that means for the deal. Shares of the target are down 15% for the week as of midday Thursday, according to data provided by S&P Global Market Intelligence,

U.S. Steel, owner of some of the nation's largest steelmaking facilities, was put in play last year after receiving an unsolicited offer from Cleveland-Cliffs. The process concluded with Japan's Nippon agreeing to pay $55 per share in cash for U.S. Steel, subject to shareholder and regulatory approval.

Given U.S. Steel's legacy and its strongly unionized labor force, regulatory approval always seemed like a big hurdle. This week President Joe Biden said the company should retain American ownership, setting up an election-year battle that could throw the deal into doubt.

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Source Fool.com