EU objects to MMG’s Anglo American nickel deal
Brussels says the acquisition of Anglo's assets may redirect low-carbon ferronickel from European stainless steel producers.
The European Union's antitrust regulators have raised objections to MMG's (HKEX: 1208) planned acquisition of Anglo American's (LON: AAL) Brazilian nickel business, citing concerns that the deal could limit competition and divert supplies away from European customers. The Commission, which acts as the EU's competition watchdog, issued a statement of objections on Wednesday outlining its apprehensions regarding the transaction.
The regulator stated that MMG could potentially divert the low-carbon ferronickel supply from the target company towards its affiliated stainless steel producers, controlled by the State Assets Supervision and Administration Commission (SASAC), which in turn controls China Minmetals Corporation. This move is seen as a test of China's stance on regulatory scrutiny as Europe seeks to safeguard access to critical raw materials and mitigate vulnerabilities in its strategic supply chains.
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