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MMG Faces EU Antitrust Warning Over Anglo American Nickel Deal

By  |  September 8, 2026
EU Procurement

European Union competition regulators are preparing to formally raise objections to MMG’s proposed acquisition of Anglo American Plc’s Brazilian nickel operations, adding a significant regulatory hurdle to the transaction as Europe intensifies scrutiny of its dependence on China-linked supplies of critical minerals.

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    The European Commission is expected to issue a statement of objections this month, according to Reuters, which cited three people familiar with the matter who were not identified because the regulatory process remains confidential. Such a notice would detail the Commission’s competition concerns and the issues MMG would have to address to secure approval.

    The planned intervention underscores how competition policy is becoming intertwined with Europe’s broader concerns over access to strategic raw materials. The EU has been seeking to reduce its reliance on China for minerals used across industries including defense, technology and renewable energy, particularly as Beijing has deployed export controls covering some critical materials, according to Reuters.

    Hong Kong-listed MMG could potentially avoid receiving the formal objections by proposing concessions that satisfy regulators. Reuters reported, however, that one person familiar with the case viewed such an outcome as unlikely.

    Neither MMG nor the European Commission’s competition authorities commented to Reuters on the expected regulatory action.

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    Read more: EU Halts Review of MMG’s Bid for Anglo American’s Brazilian Nickel Assets

    Anglo American has maintained that the transaction does not threaten competition in Europe and should receive clearance without conditions. In comments provided to Reuters, the miner said its evidence showed no competition problem in the EU market. The company also argued that ferronickel supplies have expanded substantially during the past year and that European buyers have demonstrated an ability to move among suppliers.

    Ferronickel is an important input for stainless-steel manufacturing, making the availability of the material particularly relevant to European industrial producers.

    The Commission had previously identified the potential supply consequences of the transaction. In November, the regulator said the acquisition could give MMG the ability to redirect ferronickel away from European customers, potentially weakening the competitive position of the region’s stainless-steel industry, Reuters reported.

    The dispute comes as Brussels pursues a wider effort to strengthen European control over critical-mineral supply chains. The bloc has established targets intended to increase domestic mining, processing and recycling while diversifying imports, although projects designed to advance that strategy have faced financing and development challenges. Reuters reported separately Tuesday that some companies involved in the EU’s strategic critical-minerals initiative have warned that funding constraints could put projects at risk.

    For MMG, a statement of objections would not amount to a final decision blocking the Anglo American transaction. It would instead represent a formal escalation of the Commission’s review and give the company an opportunity to respond to regulators’ concerns.

    Source: Reuters