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Brazil opens probe into Anglo American's $500 million nickel sale, FT reports

The Financial Times reported that Brazil's Competition Authority has opened an investigation into Anglo American’s plans to sell its nickel operations in the country.

The FT reported that CADE, Brazil’s antitrust regulator confirmed it had opened a investigation into the $500-million deal Anglo concluded in February with MMG Singapore Resources in response to a complainant.

The FT reported that "based on a complaint, a Administrative Procedure for Investigation of an Act of Economic Concentration" was initiated by CADE. The newspaper reported that CoreX Holding, a global industrial group, had lodged an objection to the deal. It cited a source with direct knowledge.

The London-listed company demerged its platinum operations in May, and announced in July that its nickel and steelmaking coke assets had been discontinued.

Since BHP failed to acquire it last year, the company has sold or spun off non-core assets in order to concentrate on copper and ore. The company also announced that it is considering whether or not to sell its loss-making De Beers Diamond unit.

Anglo American CADE and CoreX Holding have not responded to our requests for comment. Could not verify the report immediately. Reporting by Rishabh J. Jaiswal, Bengaluru. Editing by Mrigank.

(source: Reuters)