Published by Global Banking & Finance Review®
Posted on September 3, 2025
2 min readLast updated: January 22, 2026
Brazil's CADE investigates Anglo American's $500M nickel sale to MMG after a complaint from CoreX Holding. The probe may not block the deal.
(Reuters) -Brazil's competition watchdog CADE has opened an investigation into Anglo American's plan to sell its nickel operations in the country to a unit of Hong Kong-listed MMG for up to $500 million, the Financial Times reported on Wednesday.
The probe follows a complaint from CoreX Holding, a global industrial group and direct competitor in the region, the report said, citing an unidentified source.
"Based on a complaint received, an Administrative Procedure for Investigating an Act of Economic Concentration was instituted," the FT quoted CADE as saying.
However, CADE noted that the launch of an investigation does not necessarily mean the deal will be blocked, the report added.
Anglo declined to comment, while CoreX and Brazil's competition authority did not respond to Reuters' request for comment.
In February, the London-listed miner agreed to sell its nickel business in Brazil.
Anglo demerged its platinum business in May and in July said that its nickel and steelmaking coal assets were discontinued operations, with their sale agreed but not yet completed.
The company has been selling or spinning off non-core assets to focus on copper and iron ore since bigger rival BHP's failed takeover attempt last year.
Anglo is also considering options for its loss-making De Beers diamond unit, including a possible sale or listing.
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Sumana Nandy and Mrigank Dhaniwala)
The investigation was triggered by a complaint from CoreX Holding, a direct competitor in the region.
CADE noted that the launch of an investigation does not necessarily mean the deal will be blocked.
Anglo American agreed to sell its nickel business in Brazil as part of a strategy to focus on core assets.
Anglo is also considering options for its loss-making De Beers diamond unit, including a possible sale or listing.
Since BHP's failed takeover attempt last year, Anglo has been selling or spinning off non-core assets to concentrate on copper and iron ore.
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