The European Commission announced on September 15, 2026, that it issued a Statement of Objections to MMG Limited regarding its planned acquisition of Anglo American’s nickel operations, signaling preliminary concerns that the deal could harm competition in the low-carbon ferronickel sector. The Commission described MMG as a multinational mining and metals company that is controlled by China Minmetals Corporation, which is controlled by China’s State-owned Assets Supervision and Administration Commission (“SASAC”) — an entity that also oversees multiple stainless-steel manufacturers. During its in-depth investigation, the Commission determined that the merger could redirect the target’s ferronickel output toward steel producers controlled by the SASAC and away from European buyers. Because the low-carbon ferronickel market is highly concentrated and European customers have few alternative suppliers, the Commission believes such a supply shift could drive up ferronickel costs in the European Economic Area and weaken competition among European stainless-steel producers.
The deal, which involves two active ferronickel facilities and two development-stage projects in Brazil, was formally submitted to the Commission in September 2025, with an in-depth Phase II investigation launched in November 2025. According to the Commission, issuing a Statement of Objections is a procedural milestone in the review process that does not predetermine the Commission’s ultimate ruling. The Commission indicated that MMG is now entitled to respond to the objections in writing, review the Commission’s investigative file, and request an oral hearing. The Commission further indicated that it has until November 30, 2026, to reach a final decision on whether to approve, conditionally clear, or block the transaction.
European Commission Press Release | M.11944 – Competition case timeline