Anglo American stock faces December test after nickel deal extension

Anglo American and MMG have extended the long-stop date for the proposed sale of Anglo American's Brazilian nickel business from October 31 to December 31, 2026. The Canadian Mining Journal reported the change on Tuesday, November 3, citing the continuing European Union review of the transaction.

The deal is valued at 500 million US dollars and covers two operating ferronickel assets in Brazil, along with two greenfield projects. The extension prevents the transaction from ending before regulatory clearance and gives the companies more time to respond to competition concerns.

EU review sets the next milestone

The European Commission has opened an in-depth Phase II investigation. The regulator is expected to issue its decision by December 21, with the extended contractual deadline following ten days later.

The central question is whether MMG could redirect Brazilian ferronickel supplies away from European stainless steel producers. The Canadian Mining Journal said MMG would continue working with Anglo American and the European Union during the review. MMG has also offered guarantees aimed at maintaining supplies to European customers.

Anglo American and MMG argue that sufficient ferronickel is available across the market and that Chinese control would not undermine competition. The review is taking place as the European Union seeks to reduce its dependence on China for ferronickel and steel production.

Portfolio reshaping remains conditional

The transaction forms part of Anglo American's effort to reshape its portfolio. A regulatory block would leave the company with the Brazilian nickel operation and could alter its planned capital allocation. Anglo American has said it would likely close the operation if the European Union rejects the acquisition, according to the Canadian Mining Journal's report.

Anglo American stock traded at 44.67 euros on Lang & Schwarz at 10:14 CET on Friday, November 6, 2026. Investors can follow the real-time quote of Anglo American stock.

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