(Reuters) -Brazil’s competition authority has launched an investigation into Anglo American’s plan to sell its nickel operation in the country, the Financial Times reported on Wednesday.
CADE, Brazil’s antitrust regulator, confirmed it had opened a probe into the $500 million deal Anglo agreed in February with MMG Singapore Resources, in response to a complaint, the FT report said.
“Based on a complaint received, an Administrative Procedure for Investigating an Act of Economic Concentration was instituted,” the FT quoted CADE as saying. Global industrial group CoreX Holding lodged the objection to the deal, the newspaper added, citing a person with direct knowledge of the matter.
The London-listed miner demerged its platinum business in May and in July said its nickel and steelmaking coal assets were discontinued operations.
It has been selling or spinning off non-core assets to focus on copper and iron ore since bigger rival BHP’s failed attempt to take it over last year. The company has also said it is weighing whether to sell or list its loss-making De Beers diamond unit.
Anglo American, CADE and CoreX Holding did not immediately respond to requests for comment. Reuters could not immediately verify the report.
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Mrigank Dhaniwala)
Comments