European Commission raises objections to MMG's proposed acquisition of Anglo American's nickel business
- Commission opened an in-depth investigation on 4 November 2025 into the proposed acquisition.
- Transaction was notified on 16 September 2025; Commission must decide by 30 November 2026.
- Commission's preliminary concern is diversion of low-carbon ferronickel away from the EEA to affiliated stainless-steel producers controlled by SASAC.
- The target includes two operating ferronickel facilities and two greenfield projects in Brazil, with Barro Alto as the principal asset producing low-carbon ferronickel.
Scope of the objection
The Commission has issued a Statement of Objections in its preliminary view that the proposed acquisition may restrict competition for low-carbon ferronickel, an alloy used in stainless steel production, by potentially reducing availability to producers in the European Economic Area (EEA).
Competition concerns
Authorities found the low-carbon ferronickel market to be highly concentrated, with the target holding substantial market power and limited alternative sources for European customers. The Commission is concerned MMG could divert the target's supply to affiliated stainless-steel producers (notably those controlled by SASAC), which could raise prices for low-carbon ferronickel in the EEA and negatively affect the resilience and cost base of European stainless-steel manufacturing.
Assets, parties and procedure
The target comprises two operating ferronickel sites and two greenfield projects in Brazil, with Barro Alto as the principal integrated operation producing low-carbon ferronickel. MMG is majority-owned by China Minmetals Corporation, itself under SASAC control. The transaction was notified on 16 September 2025; an in-depth probe started on 4 November 2025 and the Commission has until 30 November 2026 for a final decision. MMG may reply to the Statement of Objections, consult the Commission's case file and request an oral hearing.
Source: European Commission
