Batista controls EBX, an empire of interlinking commodity startups. The single most valuable company is publicly traded OGX, which started
producing oil in January 2012. Among his closely held ventures are Colombian gold explorer AUX, Rio de Janeiro real-estate developer REX and technology and sports-management firms.
OGX Petroleo & Gas Participacoes SA, billionaire Eike Batista’s oil company, fell after it abandoned offshore exploration acreage and said it won’t receive the bulk of an $850 million oil-field sale until it starts producing.
Anschutz Entertainment Group Inc., the operator of the Staples Center in Los Angeles and London’s O2 arena, teamed up with billionaire Eike Batista and Brazil’s largest construction company to run Rio de Janeiro’s Maracana stadium for 35 years.
Emerging stocks reversed earlier gains as commodity producers paced losses in Brazil’s Ibovespa, overshadowing a surprise interest rate cut in South Korea. Turkey’s benchmark measure slumped from a record-high.
Brazilian energy acquisitions, on a steady decline after a record $57 billion deals in 2010, are showing signs of a revival, led by Chinese and Malaysian state- owned buyers seeking lower valuations for offshore oil fields.
OGX Petroleo & Gas Participacoes SA, which has the worst-performing bonds in emerging markets this year, holds off-balance-sheet obligations tied to its sister- company that could swell liabilities by as much as 39 percent in the event of insolvency, according to Covenant Review.
China National Petroleum Corp., China’s largest oil producer, is in talks to acquire Barra Energia Petroleo e Gas, a Brazilian oil startup, for about $2 billion, people with knowledge of the matter said.