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ARTICLE · 04 AUGUST 2026

Global Trends In Merger Control Enforcement For Mining And Metals

A&O Shearman
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The key takeaway for companies active in the mining and metals space is that geopolitical competition over access to critical minerals is reshaping the regulatory landscape for M&A.

GlobalAntitrust/Competition Law
Matthew Johnson
Matthew Johnson
Cynthia Urda Kassis
Cynthia Urda Kassis
Lachlan Poustie
Lachlan Poustie
Dominic Long
Dominic Long
James Webber
James Webber
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Each year, A&O Shearman produces a report on Global trends in merger control enforcement. It contains unique statistics and insights based on our analysis of data from key jurisdictions across the world—all extremely relevant to dealmaking in today’s highly politicized regulatory environment.

The key takeaway for companies active in the mining and metals space is that geopolitical competition over access to critical minerals is reshaping the regulatory landscape for M&A. Governments and regulators are intervening in transactions more assertively, and on novel grounds—even where deals do not have any meaningful impact on competition.

Europe

In Europe, the European Commission (EC) is currently carrying out an in-depth “phase 2” investigation into MMG’s acquisition of Anglo American’s Brazilian nickel business. This is a case in point: MMG (majority-owned by China Minmetals) does not currently produce or sell any nickel, so the transaction does not directly increase concentration or

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