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MMG (HKEX: 1208) and Anglo American (LON: AAL) extended the deadline for their $500-million Brazilian nickel deal by two months as European Union regulators scrutinize its potential impact on the region’s stainless steel industry.
The companies agreed to move the long-stop date from Oct. 31 to Dec. 31, 2026, rather than terminate the transaction after failing to secure regulatory approval. The extension gives them time to address concerns raised by the European Commission (EC), which has launched an in-depth Phase II investigation and is expected to issue its decision by Dec. 21.
MMG said it will continue to work with the EU and Anglo American to assist the EU in its review.
Anglo agreed last year to sell its Brazilian nickel operations to MMG, prompting regulatory scrutiny over the potential impact on ferronickel supplies. The deal includes two ferronickel and two greenfield projects in Brazil.
Twists and Turns
While the deal was announced in early 2025, the EU has been reviewing its possibility and the impacts it would have on ferronickel supply for the Union’s steel production since September 2025.
The European Commission (EC) is primarily concerned about whether the acquisition could allow MMG to divert Brazilian ferronickel away from Europe. This concern arises as the EU seeks to reduce its dependence on China for ferronickel and steel production.
Those that oppose the deal say that regulators need to consider how the acquisition would impact competition between major economies in a rather unstable geopolitical environment.
Anglo American and MMG argue that there’s plenty of ferronickel availability across the market, and Chinese control wouldn’t affect competition.
Amid the EU’s review, Anglo American said it would likely close its Brazilian nickel operation if the EU blocks MMG's acquisition, Reuters reported.
Ahead of the original long-stop date, MMG offered guarantees to maintain ferronickel supplies to European stainless steel producers aiming to ease EU’s concerns.
The antitrust committee decision on the deal is expected to come out by the end of 2026, leaving the companies with about 10 days to decide how to move forward.