MMG Seeks to Allay EU Concerns Over Anglo American Deal
China's MMG Ltd. is proposing additional remedies to prevent a potential European Union veto of its $500 million acquisition of Anglo American Plc's Brazilian assets.
The Chinese mining company is specifically targeting concerns about the future supply of ferro nickel to the EU's stainless-steel industry, which regulators fear could be disrupted by the transaction.
The proposed remedies represent MMG's latest attempt to secure regulatory approval for the deal in Brazil, which has drawn increased scrutiny from European authorities concerned about market concentration in critical materials.
Supply Concerns
Ferro nickel is a vital component in stainless steel production, and EU officials have expressed worries that the consolidation could reduce competition and potentially increase prices for European manufacturers.
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