An investigation has been launched into Anglo American PLC's (LSE:AAL) planned $500 million sale of its nickel operations in the country to a unit of Hong Kong-listed MMG.
The probe by Brazil’s competition authority CADE was reported by the Financial Times, which noted that it followed a complaint from competitor CoreX.
CADE said the opening of proceedings “does not necessarily mean the deal will be blocked.”
Anglo agreed to sell its Brazilian nickel business in February as part of a wider restructuring.
The London-listed miner has demerged its platinum operations, agreed sales of nickel and steelmaking coal assets, and is reviewing options for its loss-making De Beers diamond division.
The asset sales follow last year’s failed takeover attempt by BHP Group Ltd (LSE:BHP, ASX:BHP), after which Anglo said it would focus on its copper and iron ore businesses.
Anglo American declined to comment, while CoreX and CADE did not respond to requests for comment.