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Brazil's Eike Batista looking to sell partial stake in MPX

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(Globalpost/GlobalPost)

Sao Paulo, Mar 20 (EFE).- Brazilian business magnate Eike Batista, until recently one of the world's top 10 wealthiest individuals, is looking to sell a portion of his stake in MPX Energia S.A., one of the companies that make up his EBX conglomerate.

The electric utility confirmed Batista's intentions in a regulatory filing with the Sao Paulo stock exchange, although it noted that he has not signed any agreement.

Batista has a 54 percent stake in MPX, while 34.3 percent of the company's shares are publicly traded and 11.7 percent are held by German power utility E.ON, according to the Rio de Janeiro-based company's Web site.

E.ON is the most likely candidate to acquire the stake Batista wants to shed, according to press reports in recent days.

A drop in the share prices of Batista's publicly traded companies - including MPX, several of whose projects have been mired by delays and other problems - has caused the businessman's net worth to decline substantially in recent months.

He ranked No. 100 on Forbes magazine's latest list of the world's wealthiest people, released two weeks ago, down from No. 7 in 2012.

EBX Group comprises more than a dozen subsidiaries, including MPX, the OGX oil and gas producer, the MMX mining company, the OSX shipbuilder, and the LLX logistics company.

http://www.globalpost.com/dispatch/news/agencia-efe/130320/brazils-eike-batista-looking-sell-partial-stake-mpx