A $1 billion metals deal by blank-cheque fund ACG Acquisition 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.
ACG , a London-listed 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.
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.
“ACG announces today that, despite its best efforts, revisions to the Acquisition Agreement have not been agreed (to) and the acquisition agreement has been terminated,” ACG said in a statement.
ACG, Appian and Glencore declined to comment.
There was 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, several sources told Reuters. Read more.
