Billionaire Batista’s MMX Says It’s in Sale Talks With Glencore
MMX Mineracao & Metalicos SA (MMXM3) is in talks with companies including Glencore Xstrata Plc (GLEN) and Trafigura Beheer BV to sell a stake in itself as the Brazilian miner’s controlling shareholder, billionaire Eike Batista, seeks funds.
“MMX is holding talks with several market players, including” Glencore and Trafigura, the Rio de Janeiro-based miner said in a filing with the Brazilian markets regulator yesterday after markets closed. “At this time no documents have been signed and there are no definitions that allow the company to say which road it will follow.” Newspaper Folha de Sao Paulo reported the talks on June 25.
Batista this year sold stakes in crude producer OGX Petroleo & Gas Participacoes SA to Petroliam Nasional Bhd, and in power producer MPX Energia SA to E.ON SE, as delayed projects and missed targets in his commodities and energy empire wiped about $30 billion from his personal fortune since a March 2012 peak. Batista is selling assets including one of his private jets. EBX Group Co., his holding company, said this month that it restructured its debt.
MMX has dropped 62 percent this year, compared with a 23 decline for Brazil’s benchmark iBovespa index.
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