Mubadala may join Trafigura in MMX bid

Mubadala Development Co has joined Trafigura Beheer to bid for Eike Batista’s iron-ore unit, seeking to beat offers by Glencore Xstrata and MRS Logistica, three people with direct knowledge of the matter said.

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Published: Fri 30 Aug 2013, 9:26 AM

Last updated: Fri 3 Apr 2015, 3:38 AM

Mubadala and Amsterdam-based commodities trader Trafigura presented a joint offer for Batista’s stake in MMX Mineracao and Metalicos, the people said, asking not to be named as the talks are private. MMX, a part of Batista’s holding company EBX Group Co, is studying the bid together with offers from Glencore and Brazilian railway operator MRS, they said.

Batista, 56, is running against the clock to sell pieces of his commodities and logistics empire as the companies run out of cash amid ballooning debt.

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