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$1 bln metals SPAC deal backed by Glencore, automakers collapses
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. 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. In June, global miner Glencore, Chrysler parent Stellantis and Volkswagen's battery unit PowerCo agreed to back the deal through an equity investment. It ... (full story)