New York-based Apollo Global Management and Singapore’s sovereign wealth fund GIC have lobbed non-binding indicative offers for $7 billion worth of energy infrastructure put up for sale by Rio Tinto, adding significant firepower to an already fiercely contested auction.
Apollo and GIC’s individual bids, tabled before the deadline for non-binding offers earlier this month, put the two in the running to buy Rio’s power plants, transmission and loading assets at mining sites in Western Australia’s Pilbara and Canada.
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