Once a symbol of Brazil’s might, billionaire sells controlling stake in a Company

Dan Horch – The New York Times, 08/13/2013

The troubled Brazilian businessman Eike Batista has taken further steps toward dismantling his once high-flying empire of energy, logistics and mining companies.

Mr. Batista announced Wednesday night in a filing with the Brazilian securities and exchange commission that he would sell a controlling stake in one of his companies, the LLX logistics firm, for 1.3 billion reais ($560 million). The buyer is EIG Global Energy Partners, an energy investment firm based in Washington that has invested in projects all over the world. Mr. Batista will also give up his management role in the company.

People briefed on the matter confirmed on Wednesday that another of his companies, the petroleum firm OGX, has hired the Blackstone Group as a financial adviser.

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