A new siderophore analogue based on the mesocyclic diamine 1,5‐diazacyclooctane (DACO) functionalized with two additional hydroxamate donor pendant groups, 1,5‐diazacyclooctane‐1,5‐bis(N‐methylacetohydroxamic acid) (DACODMAHA), has been synthesized from the corresponding diacetate derivative (DACODA). The complexation behaviour of this ligand towards CuII and FeIII in aqueous solution has been studied by potentiometry, UV/Vis and EPR spectroscopy and magnetic moment measurements. The CuII complexation involves the formation of a mononuclear species with a tetradentate mixed amine/hydroxamate coordination mode, whereas the FeIII complexation involves a binuclear species with Fe2L3 stoichiometry and normal {O,O}‐hydroxamate coordination mode. The redox potential of the iron complexes and the corresponding electron transfer mechanism are also evaluated. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2003)