Brussels, September 17, 2026: The European Commission has raised formal antitrust objections to MMG’s proposed acquisition of Anglo American’s Brazilian nickel business, warning that the transaction could reduce supplies of low-carbon ferronickel available to European stainless-steel manufacturers.
The proposed transaction, valued at up to $500 million, was agreed in February 2025. Anglo American’s Brazilian nickel business includes the Barro Alto and Codemin operations, along with the Jacaré and Morro Sem Boné development projects.
EU Raises Competition Concerns
The European Commission said its preliminary assessment found that the market for low-carbon ferronickel is highly concentrated and that European buyers have limited alternative sources of supply.
According to the Commission, it is concerned that after the acquisition, MMG could potentially redirect some of the Brazilian operation’s ferronickel supply toward affiliated stainless-steel producers and away from European customers. The Commission says such a reduction in supply could increase prices and raise production costs for European stainless-steel manufacturers.
MMG is controlled by China Minmetals Corporation, which is in turn controlled by China’s State-owned Assets Supervision and Administration Commission (SASAC). The ownership structure has added to European scrutiny of the transaction.
MMG Seeks to Address EU Concerns
MMG has indicated that it is prepared to provide long-term supply commitments to European customers as it seeks regulatory approval for the acquisition. Earlier remedies proposed during the Commission’s preliminary review were not considered sufficient to address the concerns.
Anglo American has expressed disappointment with the Commission’s position, arguing that the transaction would maintain supplier diversity and that ferronickel supply has expanded significantly over the past year.
Decision Expected by November
The Statement of Objections is an important stage in the EU’s merger investigation, but it does not represent a final decision on the transaction. MMG can respond to the Commission’s objections, access the case file and request an oral hearing. The European Commission has until November 30, 2026, to make its final decision.
The case comes as the EU seeks to strengthen the resilience of supply chains for industrial and strategic raw materials while reducing vulnerabilities associated with concentrated overseas supply.