European Commission Challenges MMG Acquisition of Anglo American Nickel

The European Commission issued a Statement of Objections regarding the proposed acquisition of Anglo American's nickel business in Brazil by MMG Limited. EU antitrust regulators preliminarily found that the transaction could restrict competition in the low-carbon ferronickel market, which is essential for stainless steel production.

Regulators expressed concern that MMG, controlled by the state-owned China Minmetals Corporation and the State-owned Assets Supervision and Administration Commission (SASAC), could divert the supply of low-carbon ferronickel away from European markets toward affiliated Chinese stainless steel producers. The Commission warned that such a shift could increase costs and reduce the resilience of stainless steel producers within the European Economic Area.

The target assets include the Codemin and Barro Alto operations, along with two greenfield projects in Brazil. MMG Limited now has the opportunity to respond to these objections and request an oral hearing. The Commission must reach a final decision on the acquisition by November 30, 2026.