MMG Ltd Proposes Supply Guarantees to Save Brazil Deal
MMG Ltd offered the European Union guaranteed ferro nickel supplies to prevent a regulatory veto of its $500 million acquisition of Anglo American assets in Brazil.
Chinese mining company MMG Ltd proposed new remedies to the European Commission to prevent a veto of its planned $500 million acquisition of Anglo American Plc assets in Brazil. The proposal includes a legally enforceable and independently monitored guarantee to maintain current ferro nickel supply levels for the stainless-steel industry within the European Union.
MMG Ltd stated the move directly addresses security-of-supply concerns raised by the European Commission. The company warned that "the mines in Brazil will close" if regulators block the transaction. Anglo American Plc added that the fresh offer is intended to remove all competition concerns raised by the EU watchdog.
