The European Commission is preparing to launch an in-depth investigation into the $500mn sale of Anglo American’s nickel business to China-backed MMG, according to two officials briefed on the case.
The transaction agreed in February between Anglo and MMG, which is two-thirds owned by state-owned China Minmetals, has attracted criticism from groups that say it will reinforce Beijing’s control of metals that are crucial for the energy transition. Europe is a major market for the business being acquired by MMG.
The expected move by Brussels comes amid rising tensions between China and the EU over access to rare earths, as the bloc finds itself stuck in the middle of a larger confrontation between Beijing and Washington.
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