Andre Esteves News
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The Ibovespa retreated from its strongest level since March amid speculation the gains that pushed valuations on the Brazilian stock benchmark to a four- month high may have been excessive.
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Grupo BTG Pactual SA, Brazil’s second- biggest equity underwriter, fell as much as 3.3 percent in Sao Paulo after the bank reported a bigger profit decline than analysts estimated.
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The race is on for billionaire Eike Batista to find the money he needs for OGX Petroleo & Gas Participacoes SA, the oil producer that’s on course to exhaust its $1.65 billion cash hoard by year-end.
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As UBS AG’s losses from subprime- mortgage bets swelled in early 2008, Andre Esteves, already a billionaire as he neared 40, approached his 150-year-old employer with a deal.
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Brazilian billionaire Eike Batista is seeking to sell 40 percent of the Tubarao Martelo oil block in Brazil’s Campos Basin for $1 billion as soon next month, a person with direct knowledge of the matter said.
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B&A Mineracao SA, the venture between Andre Esteves’s Grupo BTG Pactual SA and former head of Vale SA Roger Agnelli, may buy a company in the next three months after purchasing copper and fertilizers assets.
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Not even Andre Esteves, the Brazilian billionaire who orchestrated a sixfold increase in the value of a discarded UBS AG investment-banking unit, can save Eike Batista’s crumbling empire, according to bond traders.
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Grupo BTG Pactual, the Brazilian bank led by billionaire Andre Esteves, is seeking private-equity investments in Portugal and Spain as Europe’s debt crisis forces governments there to sell assets, a person with direct knowledge of the matter said.
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Brazilian lenders that didn’t underwrite a single overseas bond sale from the country five years ago won a third of all mandates in 2012. Now they’re staking a claim to the rest of Latin America.
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Brazilian billionaire Eike Batista is borrowing credibility from the nation’s most influential businessman to arrest a decline in his commodities and energy companies that wiped out $25 billion of his wealth.
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