EU Opens In-Depth Antitrust Probe Into MMG’s Bid for Anglo’s Brazilian Nickel Assets

Overview

• The European Commission launched a Phase II review after judging initial commitments insufficient, warning the deal could let MMG divert or restrict ferronickel and raise EU producers’ costs.
• MMG and Anglo American say they remain committed and had proposed a plan for Anglo to buy ferronickel from MMG for resale in Europe for up to 10 years, which regulators found inadequate.
• The Commission set a deadline of 20 March 2026 to decide, allowing for potential pauses or extensions if it seeks more information or the parties submit new concessions.
• The roughly $500 million transaction covers the Barro Alto and Codemin ferronickel operations in Goiás and the Jacaré and Morro Sem Boné development projects in northern Brazil.
• Regulatory scrutiny is sharpened by MMG’s control by state-owned China Minmetals and by U.S. industry criticism that the deal could expand Chinese influence over nickel supply.