European Commission Sends Statement of Objections Over MMG's Acquisition of Anglo American's Nickel…

Key points

• The European Commission sent a Statement of Objections to MMG Limited over its proposed acquisition of Anglo American's nickel business, preliminarily finding the deal may restrict competition in the low-carbon ferronickel market.
• The Commission is concerned MMG could divert low-carbon ferronickel supply away from European markets toward its affiliated stainless steel producers, raising costs for European stainless steel production.
• The Commission preliminarily found the low-carbon ferronickel market is highly concentrated, with the target holding substantial market power and limited alternative supply sources for European customers.
• MMG is controlled by China Minmetals Corporation, which is controlled by SASAC, which also controls several stainless steel producers.
• The target consists of two operating ferronickel facilities and two greenfield development projects in Brazil.
• The Commission opened an in-depth investigation on Nov. 4, 2025, and must take a final decision by Nov. 30, 2026.
• A Statement of Objections is a formal step in an investigation and does not prejudge the outcome; MMG can reply, consult the case file and request an oral hearing.