By P.R. Venkat
China-backed MMG and Anglo American have agreed to extend the deadline to complete the purchase of the latter's Brazilian nickel business after the European Commission extended its review of the proposed acquisition.
"It is unclear how long the European Commission may require to complete its review," MMG said Monday.
MMG, majority-owned by China Minmetals, and Anglo American have agreed to extend the deadline for completing the share purchase agreement from Nov. 18 to June 30, 2026.
While all the other conditions have been satisfied, the European Commission has escalated its review to a Phase II investigation, MMG said.
In early November, the European Commission had said it would deepen its investigation into MMG's $500 million purchase of Anglo American's Brazilian nickel business, citing competition concerns.
The commission had said it had preliminary concerns that the deal could divert ferronickel supplies from European markets, potentially raising prices and reducing the quality of stainless steel production in the bloc.
Anglo American announced in February that it would sell its Brazilian nickel business to MMG, as part of the U.K.-listed company's efforts to simplify operations following a failed takeover bid from rival BHP last year.
"MMG will continue to work with Anglo-American and the European Commission to assist the European Commission in its review," MMG said Monday.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
November 23, 2025 20:11 ET (01:11 GMT)
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