European Commission launches phase II review of MMG's Anglo American deal

MMG Limited announced today that the European Commission has initiated a Phase II merger investigation into its conditional acquisition of Anglo American's nickel business in Brazil. The Phase II review is a detailed assessment to ensure the acquisition does not raise substantive anti-competitive concerns.

The acquisition, initially announced on February 18, 2025, was subject to several conditions precedent, including merger control clearance in various jurisdictions. While all other conditions have been satisfied, the European Commission's decision to proceed to Phase II indicates ongoing regulatory hurdles for the transaction.

MMG confirmed it will collaborate with Anglo American and the European Commission to facilitate the review process. As of November 5, 2025, MMG's board includes chief executive and executive director Mr. Zhao Jing Ivo, three non-executive directors, and four independent non-executive directors.