ACG had planned to buy a nickel mine and a copper mine from Appian Capital.
A $1 billion metals deal by blank-cheque fund ACG Acquisition Company has been terminated following delays when the different sides, which included a leading global miner and top automakers as anchor investors, tried to revise it, ACG said on Thursday.from Appian Capital, betting on rising demand for metals needed for the global green energy transition.
“ACG announces today that, despite its best efforts, revisions to the Acquisition Agreement have not been agreed and the Acquisition Agreement has been terminated,” ACG said in a statement.Weak economic data from the world’s largest metals consumer China, which it has reported since August, affected the investors’ appetite for the deal, a source, directly familiar with the situation, told“The deal fell apart over price.
There has been also a lack of interest from minority investors at the stage of the $300 million equity offering which ACG planned as part of the deal, despite the presence of Stellantis and Glencore as anchor investors, a banking source said. A year ago, Appian began legal proceedings in a $1.2 billion claim against South Africa’s Sibanye-Stillwater after Sibanye pulled out of a deal to acquire the same two mines.
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