On November 6, MMG fell 3.72% at open, trading at HK$6.85, with turnover of HK$1.84 million.
The clearest news catalyst is the delayed completion of MMG's acquisition of Anglo American's Brazil nickel business, after the European Commission moved the merger review into Phase 2.
Company disclosures said the long-stop date has been extended from October 31 to December 31, while the EU review is required to conclude by December 21. MMG said all other closing conditions have been satisfied, leaving regulatory clearance as the remaining hurdle. Separately, a recent filing showed JPMorgan sold 20.855 million shares in an off-exchange transaction on October 30, reducing its long position ratio to 4.95%, which may also weigh on sentiment.
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