MMG Offers Ferronickel Supply Guarantee to Win EU Approval for Anglo Nickel Deal
AAUKF sits 95% above its 52-week low of $24.991 on light trading volume (0.1× avg).
Summary
MMG proposed a legally enforceable guarantee to keep ferronickel flowing to European stainless steel producers at existing levels, aiming to clear the European Commission's objections to its $500M purchase of Anglo American's Brazilian nickel business. The remedy directly targets the Commission's concern, raised in a formal statement of objections last month, that MMG could divert supply away from EU customers. Anglo American, which has threatened to close the Brazil mines if the deal is blocked, said the package should win approval. The Commission has set a November 30 deadline to conclude its in-depth investigation, so a decision on the deal is due within roughly five weeks. NGLOY is the other listed line on the same underlying company.
At the time of this announcement, AAUKF was trading at $48.62 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $52.5B. The 52-week trading range was $24.99 to $57.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.