Glencore, Stellantis and Volkswagen to back $1B Brazil mining SPAC deal
Glencore, Chrysler parent Stellantis and Volkswagen Group battery unit agreed to back a $1B deal by blank check fund ACG Acquisition to buy two mines in Brazil.
The London-listed SPAC said it will buy the Santa Rita nickel sulfide and Serrote copper mines with the purpose for the final product to be incorporated into electric vehicle batteries by Stellantis (STLA), Volkswagen and other manufacturers from private equity funds advised by Appian Capital.
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