FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: MMG Commits to Maintaining Nickel Supply as EC Concerns Threaten Acquisition Deal

By

MMG (HKG:1208) has countered regulatory concerns over its acquisition of Anglo American's nickel operations in Brazil with a reassurance to maintain or boost supplies to Europe, Bloomberg reported Thursday.

The European Commission, on Wednesday, raised concerns that MMG could divert low-carbon ferronickel supply away from European markets and increase costs for European stainless steel production as a result of the $500 million deal.

The miner denied any intentions of diverting supplies to China, instead saying it could potentially boost the supply of ferronickel to Europe, or at least maintain it at the level Anglo American provides, Reuters said.

MMG's executive general manager for corporate relations, Troy Hey, said the company is taking all necessary measures to resolve the regulator's concerns, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

What else is happening in Asia?

Asia

Market Chatter: China Airlines Plans Codeshare Partnership with Britain's Virgin Atlantic

China Airlines (TPE:2610) plans to launch codeshare partnership with Britain's Virgin Atlantic Airways, according to a Focus Taiwan report on Wednesday, quoting the airlines' president Kevin Chen.Initially, China Airlines, and Virgin Atlantic will share flight codes on each other's services and will subsequently tap into complementary route networks to faciliate better flight services between Taiwan and the UK, Chen said.China Airlines' sahares were up over 1% in Thursday's trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TPE:2610
Asia

China Petrochemical Unit Wins Court Ruling Revoking Land Seizure

China Petrochemical Development (TPE:1314) unit Core Pacific Development won a ruling from the Taiwan High Court, that revoked a criminal seizure order on a plot of land in Taipei, Taiwan.The land had been subject to four seizure rulings issued by the Taipei District Court at the request of the Taipei District Prosecutors Office.The company said the matter has no financial or business impact.

TPE:1314
Asia

Lotus Pharmaceutical's Unit to Reduce Capital by $70 Million

Lotus Pharmaceutical's (TPE:1795) subsidiary, Lotus International, will reduce its capital by $70 million, according to a Wednesday filing with the Taiwan Exchange.The reduction involves the cancellation of 70 million shares as part of the group's capital utilization plan.Following the reduction, Lotus International's share capital will stand at $16.1 million.

TPE:1795