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.
The Ibovespa advanced, reducing a third weekly drop, as slower-than-forecast Brazilian inflation offset concern that the Federal Reserve will reduce U.S. stimulus that has buoyed emerging-market assets.
OGX Petroleo & Gas Participacoes, the world’s worst performing oil producer this year, started production at its most promising Brazilian field after failures at four other offshore areas eroded cash reserves.
A Brazilian court blocked an attempt by two of Eike Batista’s companies to have their creditor protection cases considered jointly at the request of Acciona SA, the Alcobendas, Spain-based company said.
The Ibovespa sank the most among the world’s biggest stock gauges as Petroleo Brasileiro SA signaled it will keep subsidizing fuel prices, stoking concern that Brazil’s economic policies are hurting corporate profits.
OGX Petroleo & Gas Participacoes SA plans to begin production this week at its most promising field as controller Eike Batista seeks revenues to keep his Brazilian oil company afloat, said a person briefed on the matter.
Emerging-market stocks advanced for a second day after Iran agreed to limit its nuclear program, bolstering appetite for riskier assets. OAO Gazprom paced declines in energy producers as crude oil slumped.