Sources told Bloomberg that Mubadala Development Co and Trafigura Beheer had participated in the bidding war for the iron-ore unit of Brazilian business magnate Eike Batista. Glencore Xstrata and MRS Logistica had earlier submitted their offers to buy out MMX Mineracao & Metalicos, a subsidiary firm of Batista's holding firm EBX Group Co. The sources spoke on the condition of anonymity as talks were private. They also revealed that the parties are still negotiating the price for the deal.

Mubadala Development is a state-owned investment company of the United Arab Emirates. Trafigura Beheer, meanwhile, is a commodities trader based in Amsterdam. In a statement, Mubadala spokesman Brian Lott said, "Mubadala remains in close discussions with EBX and a number of interested parties as EBX continues to restructure its businesses. Many EBX assets have significant potential value for Mubadala and other investors."

Batista was said to be under pressure to sell off portions of his logistics and commodities business, Bloomberg reported. His companies need to raise cash and are faced with increasing debt.