Nov 4: the EU announces the launch of an in-depth probe into mining giant Anglo American's plan to sell its nickel business in Brazil to 
-controlled MMG.
The US$500 million deal announced in Feb would see two operating ferronickel facilities and two greenfield development projects located in Brazil be taken over by Hong Kong-listed MMG, which is majority-owned by Chinese state-owned China Minmetals Corporation.
In a statement, the European Commission said the deal could allow MMG to restrict the supply of ferronickel — a key alloy used in stainless steel production — to European steelmakers, potentially driving up their manufacturing costs.
MMG has already submitted commitments to address the Commission's concerns, but Brussels deemed them insufficient at this stage. As a result, the EU executive has opted to open a full-scale investigation, to be concluded by Mar 20 next year.
barrons.com/news/eu-probes
ec.europa.eu/commission/pre
discoveryalert.com.au/european-commi
discoveryalert.com.au/european-commi
-controlled MMG.
The US$500 million deal announced in Feb would see two operating ferronickel facilities and two greenfield development projects located in Brazil be taken over by Hong Kong-listed MMG, which is majority-owned by Chinese state-owned China Minmetals Corporation.
In a statement, the European Commission said the deal could allow MMG to restrict the supply of ferronickel — a key alloy used in stainless steel production — to European steelmakers, potentially driving up their manufacturing costs.
MMG has already submitted commitments to address the Commission's concerns, but Brussels deemed them insufficient at this stage. As a result, the EU executive has opted to open a full-scale investigation, to be concluded by Mar 20 next year.
barrons.com/news/eu-probes
ec.europa.eu/commission/pre
discoveryalert.com.au/european-commi
discoveryalert.com.au/european-commi