April 22, 2013 / 1:30 PM / 4 years ago

Shares of Brazil's OGX soar on report of stake sale to Lukoil

SAO PAULO, April 22 (Reuters) - Shares of OGX Petroleo e Gas Participacoes SA, the oil company controlled by Brazilian billionaire Eike Batista, soared on Monday on reports that the company is negotiating the sale of a 40 percent stake to Russia’s Lukoil.

The Folha de S.Paulo said on Sunday that negotiations were at an advanced stage with Russia’s second-largest crude producer Lukoil, in a deal that would also involve Malaysia’s Petronas.

OGX said in a brief press statement that the newspaper report on the rescue plan was not accurate.

At 10:22 a.m. (1322 GMT), OGX shares were up 19.12 percent to 1.62 reais, which would be their biggest one-day gain in 4-1/2 years.

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