OGX Petroleo & Gas Participacoes SA failed to reach an agreement with holders of dollar-denominated bonds as former billionaire Eike Batista’s oil company heads toward Latin America’s biggest corporate debt default.
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.
Vale SA, the world’s largest iron- ore producer, probably lost money for the first time in a decade in the fourth quarter after Chief Executive Officer Murilo Ferreira dropped unprofitable projects and wrote down assets.
Brazilian steelmakers trading at the cheapest level in a year are luring the nation’s top-performing stock funds on prospects President-elect Dilma Rousseff will take steps to protect the industry from foreign competition.
Tam SA climbed the most in more than two weeks after Brazilian Finance Minister Guido Mantega said Lan Airlines SA’s planned purchase of the carrier satisfies foreign ownership rules, easing concern it would be blocked.