欧盟委员会就五矿MMG拟收购Anglo American镍业务发出异议声明
2026年9月16日
欧盟委员会（European Commission）于2026年9月16日向MMG Limited发出异议声明（Statement of Objections），初步认为该公司拟收购Anglo American镍业务的交易，可能限制欧洲经济区（EEA）低碳镍铁（low-carbon ferronickel）市场竞争。该标的主要包括Anglo American在巴西的Barro Alto和Codemin镍铁业务，以及Jacaré和Morro Sem Boné开发项目，交易对价最高约5亿美元。
委员会担忧，MMG由中国五矿集团（China Minmetals Corporation）控股，而后者受中国国务院国有资产监督管理委员会（SASAC）控制，交易完成后可能将标的低碳镍铁供应转向其关联的中国不锈钢生产企业，从而减少对欧洲客户的供应。在替代供应来源有限的情况下，这可能推高EEA低碳镍铁价格，并削弱欧洲不锈钢生产企业的供应韧性和竞争力。
该异议声明并非最终否决决定，MMG可作出答辩。委员会此前已于2025年11月启动深入调查，并认为MMG早前提出的行为性承诺不够明确，不足以消除竞争问题。Anglo American表示失望，认为交易不会减少供应商数量，且过去一年镍铁供应已显著增加。
《欧盟并购条例》
Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings
Article 1Scope第1条适用范围
Without prejudice to Article 4(5) and Article 22, this Regulation shall apply to all concentrations with a Community dimension as defined in this Article.
在不影响第4条第5款和第22条的前提下，本条例适用于本条所界定的具有共同体规模的所有集中。
A concentration has a Community dimension where:
(a) the combined aggregate worldwide turnover of all the undertakings concerned is more than EUR 5 000 million; and
(b) the aggregate Community-wide turnover of each of at least two of the undertakings concerned is more than EUR 250 million, unless each of the undertakings concerned achieves more than two-thirds of its aggregate Community-wide turnover within one and the same Member State.
一项集中具有共同体规模，如果：
(a) 所有相关企业在全球范围内的合计营业额超过50亿欧元；并且
(b) 至少两家相关企业中的每一家在共同体内的合计营业额均超过2.5亿欧元；
但若每家相关企业在共同体内合计营业额的三分之二以上均来自同一个成员国，则除外。
A concentration that does not meet the thresholds laid down in paragraph 2 has a Community dimension where:
(a) the combined aggregate worldwide turnover of all the undertakings concerned is more than EUR 2 500 million;
(b) in each of at least three Member States, the combined aggregate turnover of all the undertakings concerned is more than EUR 100 million;
(c) in each of at least three Member States included for the purpose of point (b), the aggregate turnover of each of at least two of the undertakings concerned is more than EUR 25 million; and
(d) the aggregate Community-wide turnover of each of at least two of the undertakings concerned is more than EUR 100 million,
unless each of the undertakings concerned achieves more than two-thirds of its aggregate Community-wide turnover within one and the same Member State.
未达到第2款门槛的集中，在符合下列条件时仍具有共同体规模：
(a) 所有相关企业在全球范围内的合计营业额超过25亿欧元；
(b) 在至少三个成员国中，所有相关企业的合计营业额均超过1亿欧元；
(c) 在为适用(b)项而计入的至少三个成员国中，至少两家相关企业中的每一家的合计营业额均超过2500万欧元；并且
(d) 至少两家相关企业中的每一家在共同体内的合计营业额均超过1亿欧元；
但若每家相关企业在共同体内合计营业额的三分之二以上均来自同一个成员国，则除外。
The Commission shall report to the Council on the operation of the thresholds and criteria set out in paragraphs 2 and 3 by 1 July 2009 and may present proposals pursuant to paragraph 5.
委员会应在2009年7月1日前就第2款和第3款所列门槛和标准的实施情况向理事会提交报告，并可根据第5款提出建议。
Following the report referred to in paragraph 4 and on a proposal from the Commission, the Council, acting by a qualified majority, may revise the thresholds and criteria mentioned in paragraph 3.
在第4款所述报告之后，理事会可根据委员会的提案，以合格多数修订第3款所述门槛和标准。
Article 2Appraisal of concentrations第2条集中的评估
Concentrations within the scope of this Regulation shall be appraised in accordance with the objectives of this Regulation and the following provisions with a view to establishing whether or not they are compatible with the common market.
In making this appraisal, the Commission shall take into account:
(a) the need to maintain and develop effective competition within the common market in view of, among other things, the structure of all the markets concerned and the actual or potential competition from undertakings located either within or outwith the Community;
(b) the market position of the undertakings concerned and their economic and financial power, the alternatives available to suppliers and users, their access to supplies or markets, any legal or other barriers to entry, supply and demand trends for the relevant goods and services, the interests of the intermediate and ultimate consumers, and the development of technical and economic progress provided that it is to consumers’ advantage and does not form an obstacle to competition.
属于本条例适用范围的集中，应依照本条例宗旨及下列规定进行评估，以确定其是否与共同市场相容。
在进行此项评估时，委员会应考虑：
(a) 为在共同市场内维持并发展有效竞争的需要，尤其应考虑所有相关市场的结构，以及位于共同体内外企业所形成的实际或潜在竞争；
(b) 相关企业的市场地位及其经济与财力、供应商和用户可获得的替代选择、其获得供应或进入市场的可能性、任何法律或其他进入障碍、相关商品和服务的供求趋势、中间及最终消费者的利益，以及技术和经济进步的发展，但以后者有利于消费者且不构成竞争障碍为前提。
A concentration which would not significantly impede effective competition in the common market or in a substantial part of it, in particular as a result of the creation or strengthening of a dominant position, shall be declared compatible with the common market.
一项集中若不会在共同市场或其重大部分显著妨碍有效竞争，尤其不会因产生或加强支配地位而显著妨碍有效竞争，应被宣布为与共同市场相容。
A concentration which would significantly impede effective competition, in the common market or in a substantial part of it, in particular as a result of the creation or strengthening of a dominant position, shall be declared incompatible with the common market.
一项集中若会在共同市场或其重大部分显著妨碍有效竞争，尤其因产生或加强支配地位而显著妨碍有效竞争，应被宣布为与共同市场不相容。
To the extent that the creation of a joint venture constituting a concentration pursuant to Article 3 has as its object or effect the coordination of the competitive behaviour of undertakings that remain independent, such coordination shall be appraised in accordance with the criteria of Article 81(1) and (3) of the Treaty, with a view to establishing whether or not the operation is compatible with the common market.
若根据第3条构成集中的合营企业之设立，其目的或效果在于协调仍然保持独立的企业之间的竞争行为，则此种协调应依照《条约》第81条第1款和第3款的标准予以评估，以确定该交易是否与共同市场相容。
In making this appraisal, the Commission shall take into account in particular:
— whether two or more parent companies retain, to a significant extent, activities in the same market as the joint venture or in a market which is downstream or upstream from that of the joint venture or in a neighbouring market closely related to this market,
— whether the coordination which is the direct consequence of the creation of the joint venture affords the undertakings concerned the possibility of eliminating competition in respect of a substantial part of the products or services in question.
在进行此项评估时，委员会尤其应考虑：
— 是否有两家或两家以上母公司在合营企业所处的同一市场，或在该市场的下游或上游市场，或在与该市场密切相关的相邻市场中，在相当程度上继续从事活动；
— 作为设立合营企业直接后果的协调，是否使相关企业有可能就所涉产品或服务的重大部分消除竞争。
Article 3Definition of concentration第3条集中的定义
A concentration shall be deemed to arise where a change of control on a lasting basis results from:
(a) the merger of two or more previously independent undertakings or parts of undertakings, or
(b) the acquisition, by one or more persons already controlling at least one undertaking, or by one or more undertakings, whether by purchase of securities or assets, by contract or by any other means, of direct or indirect control of the whole or parts of one or more other undertakings.
在下列情形下，因控制权发生持久变化而构成集中：
(a) 两家或两家以上原先相互独立的企业或其部分发生合并；或
(b) 已经控制至少一家企业的一人或多人，或一家或多家企业，通过购买证券或资产、通过合同或通过任何其他方式，取得对一家或多家其他企业的全部或部分的直接或间接控制。
Control shall be constituted by rights, contracts or any other means which, either separately or in combination and having regard to the considerations of fact or law involved, confer the possibility of exercising decisive influence on an undertaking, in particular by:
(a) ownership or the right to use all or part of the assets of an undertaking;
(b) rights or contracts which confer decisive influence on the composition, voting or decisions of the organs of an undertaking.
控制由权利、合同或任何其他手段构成；这些权利、合同或其他手段单独或结合在一起，并考虑到所涉事实或法律情况，赋予对一家企业行使决定性影响的可能性，尤其通过：
(a) 拥有或有权使用一家企业的全部或部分资产；
(b) 赋予对一家企业机构的组成、表决或决定以决定性影响的权利或合同。
Control is acquired by persons or undertakings which:
(a) are holders of the rights or entitled to rights under the contracts concerned; or
(b) while not being holders of such rights or entitled to rights under such contracts, have the power to exercise the rights deriving therefrom.
控制由下列人员或企业取得：
(a) 相关权利的持有人，或根据相关合同享有权利的人；或
(b) 虽非上述权利的持有人，亦非根据上述合同享有权利的人，但有权行使由此产生的权利的人。
The creation of a joint venture performing on a lasting basis all the functions of an autonomous economic entity shall constitute a concentration within the meaning of paragraph 1(b).
设立一家在持久基础上履行独立经济实体全部职能的合营企业，构成第1款(b)项意义上的集中。
A concentration shall not be deemed to arise where:
(a) credit institutions or other financial institutions or insurance companies, the normal activities of which include transactions and dealing in securities for their own account or for the account of others, hold on a temporary basis securities which they have acquired in an undertaking with a view to reselling them, provided that they do not exercise voting rights in respect of those securities with a view to determining the competitive behaviour of that undertaking or provided that they exercise such voting rights only with a view to preparing the disposal of all or part of that undertaking or of its assets or the disposal of those securities and that any such disposal takes place within one year of the date of acquisition; that period may be extended by the Commission on request where such institutions or companies can show that the disposal was not reasonably possible within the period set;
(b) control is acquired by an office-holder according to the law of a Member State relating to liquidation, winding up, insolvency, cessation of payments, compositions or analogous proceedings;
(c) the operations referred to in paragraph 1(b) are carried out by the financial holding companies referred to in Article 5(3) of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies provided however that the voting rights in respect of the holding are exercised, in particular in relation to the appointment of members of the management and supervisory bodies of the undertakings in which they have holdings, only to maintain the full value of those investments and not to determine directly or indirectly the competitive conduct of those undertakings.
在下列情形下，不视为发生集中：
(a) 信贷机构或其他金融机构或保险公司，其正常业务包括为自己或为他人进行证券交易，为转售目的而暂时持有其在一家企业中取得的证券，但以其不就该等证券行使表决权以决定该企业的竞争行为为限；或仅以为准备处置该企业全部或部分或其资产或处置该等证券而行使表决权，且任何此类处置在取得之日起一年内完成；若该等机构或公司能证明在规定期限内合理完成处置不可行，委员会可根据请求延长该期限；
(b) 控制由根据成员国有关清算、解散、破产、停止支付、和解或类似程序的法律而任职的人员取得；
(c) 第1款(b)项所述交易由1978年7月25日理事会第四号指令78/660/EEC第5条第3款所指金融控股公司实施，但就该持股行使的表决权，尤其是在任命其所持股企业的管理和监督机构成员方面，仅用于维持该等投资的全部价值，而不是直接或间接决定该等企业的竞争行为。
Council Regulation (EC) No 139/2004《理事会第139/2004号条例（欧共体）》（《欧盟并购条例》）