Reuters logo
UPDATE 1-Brazil's Batista may sell more of EBX
May 25, 2012 / 3:48 PM / 5 years ago

UPDATE 1-Brazil's Batista may sell more of EBX

* $500 mln stake may be sold to Asian group

* Shares of coal miner CCX slide, then recover in debut

SAO PAULO, May 25 (Reuters) - Brazilian billionaire Eike Batista, who controls investment holding company EBX, said on Friday he may raise another $500 million by selling a stake in his sprawling industrial group, which spans shipbuilding to entertainment.

The announcement came a day after Batista, one of the world’s richest individuals, said General Electric Co would take a $300 million stake in EBX.

Earlier in May, EBX said it would sell a $2 billion stake to Abu Dhabi state investment fund Mubadala.

“After the sovereign fund (Mubadala) showed faith in us, you created a confirmation that the group has been delivering on all that it has said in the past years. So it is easy (to raise capital). There are many interested,” Batista said at the debut of CCX shares on the BM&FBovespa exchange.

Batista hinted that an Asian was group interested in taking a stake in EBX.

At an event at the BM&FBovespa exchange in Sao Paulo on Friday, Batista said EBX had hired investment bank Morgan Stanley to manage the sale of a 30 percent stake in EBX subsidiary CCX, a company with coal assets in Colombia, to a strategic buyer.

Shares of CCX traded as low 7.16 reais, down 15 percent, after Batista’s comments, but then recovered to 8.70 reais, up 2.4 percent.

Batista said he hoped to list shares of CCX on the Bogota exchange “as soon as possible.”

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below