Deals
Glencore Buys Stake in Icahn-Backed Brazil Producer Ferrous
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Glencore International Plc bought a stake in Ferrous Resources Ltd., the Brazil iron-ore miner part-owned by billionaire investor Carl Icahn, as the trader seeks to bolster its position in the market for the raw material.
Glencore negotiated directly with investors in closely held Ferrous, the Belo Horizonte-based company said today in a statement, confirming an earlier report by Bloomberg News. It didn’t give the size of the stake bought by the largest publicly traded commodities supplier. Glencore may increase its holding in Ferrous, said two people familiar with the matter. Spokesmen for both companies declined to comment further.