Mubadala Development Co. has joined Trafigura Beheer BV to bid for Eike Batista’s iron-ore unit, seeking to beat offers by Glencore Xstrata Plc and MRS Logistica SA, three people with direct knowledge of the matter said.
Mubadala and Amsterdam-based commodities trader Trafigura presented a joint offer for Batista’s stake in MMX Mineracao & Metalicos SA, 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. MMX, based in Rio de Janeiro, is in “advanced” negotiations to sell the company and has received interest from funds, miners and commodity traders, Chief Executive Officer Carlos Gonzalez said this month.
Read full article…