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EU Opens In-Depth Probe into MMG’s Planned Acquisition of Anglo American’s Nickel Business

By  |  November 4, 2025
European Commission, banking regulation, Basel III

The European Commission has launched a detailed investigation into the proposed acquisition of Anglo American’s nickel operations by MMG, a multinational mining and metals company. The move comes amid concerns that the deal could harm competition and disrupt ferronickel supply to European stainless steel manufacturers.

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    According to a statement from the European Commission, the in-depth probe will assess whether MMG’s takeover of the nickel business could allow the company to redirect ferronickel supplies away from European markets. Officials worry this could lead to higher production costs and reduced product quality for European stainless steel producers, who rely heavily on the alloying metal to ensure the durability and corrosion resistance of their products.

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    Per a statement, the Commission’s initial findings suggest that the target business—comprising two operational ferronickel plants and two greenfield development projects in Brazil—holds significant market power in the niche segment of low-carbon ferronickel. The market is described as highly concentrated, leaving European buyers with few alternative sources of supply.

    Related: EU Regulators Reject Remedies, Launch Antitrust Review of Anglo American’s Nickel Sale

    The regulator further noted that MMG, which is controlled by China’s state-owned China Minmetals Corporation, might have incentives to prioritize its own downstream activities over European customers. According to the Commission, such a shift in supply could adversely impact both the price and quality of stainless steel produced in Europe, undermining competitiveness at home and abroad.

    In an effort to ease regulatory concerns, MMG submitted a package of commitments shortly before the deadline for remedy proposals. However, per the Commission’s statement, these commitments were considered insufficient as they were “purely behavioural” and did not involve structural changes to the business. As a result, the Commission decided not to proceed with a market test of the proposed remedies. Several industry stakeholders also expressed reservations about the adequacy of MMG’s proposed measures.

    The Commission will now conduct a full-scale review of the acquisition to determine whether its initial concerns are substantiated. The transaction was formally notified to EU authorities on 16 September 2025, and regulators have until 20 March 2026 to issue a final decision.

    Source: EC Europa