Brazilian tycoon Eike Batista may sell his remaining stock in electricity generator MPX Energia SA, MPX said in a securities filing Tuesday, a move that could ease cash and debt problems at his EBX oil, port, energy and shipbuilding group.
Batista stepped down as chairman of MPX in July after German conglomerate E.ON agreed to buy new shares in the company to finance expansion and pay debt. The E.ON deal diluted Batista’s stake in MPX to 24 percent from 54 percent, ending Batista’s control.
The decision to sell his MPX stock is part of a wider effort by Batista to restructure his holdings. The value of the six publicly traded companies in EBX have collapsed over the past year because of missed production and profit targets.
Local media have reported that E.ON has hired Goldman Sachs to find potential buyers for Batista’s stock in MPX.
Last week, MPX sold 28.2 million shares in a private placement at a price of 6.45 reais each, adding to 601.2 million reais previously raised.
The shares were acquired by Brazilian investment bank Grupo BTG Pactual SA and E.ON.
No contract for Batista’s stake sale has yet been signed, the filing said.
MPX rose 2.9 percent to 6.07 reais in mid-day trading in Sao Paulo. Earlier it rose as high as 6.30 reais, its highest intra-day price in more than a month.