US Steel’s shares said it all about its takeover by Japan’s Nippon Steel: the $15bn deal never truly stood a chance. At no point since the transaction was announced in December has the stock got near the $55-a-share offer price. Wednesday’s news that President Joe Biden will block the deal dashed any lingering hopes that money might beat politics. Not in a swing state in an election year.

Investors must hope that this is a political exception, rather than the new rule. The all-cash blowout offer for Pittsburgh, Pennsylvania-headquartered US Steel, approved by shareholders in April, will be blocked on national security grounds, the Financial Times reported. The timing is not yet known. Nor are the exact grounds on which American security is threatened by a bid involving one of its very closest allies.

The deal partners tried hard to alleviate concerns. Nippon Steel just a week ago boosted investment plans that would have extended the life of two US plants. US Steel earlier on Wednesday warned that without the deal, thousands of jobs were at risk as well as its 123-year presence in Pittsburgh — home since its founding by Andrew Carnegie, the original robber baron.