A $1-billion metals deal by blank-cheque fund ACG Acquisition Co 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. ACG, a London-listed special purpose acquisition company (SPAC), planned to buy a nickel mine and a copper mine from Appian Capital, betting on rising demand for metals needed for the global green energy transition.
LONDON - A $1-billion metals deal by blank-cheque fund ACG Acquisition Co 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.
In June, global miner Glencore, Chrysler parent Stellantis and Volkswagen's battery unit PowerCo agreed to back the deal through an equity investment. It was expected to close in August. 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 Reuters."The deal fell apart over price," said another source familiar with the situation, adding the price was higher than the buyers considered realistic after the nickel price declined.
One of the buyers indeed sought to renegotiate the terms, but only after ACG's equity raise stumbled upon weak interest from investors, according to the fourth source.
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