Batista ready to sellDJ Brazil's Batista Said Ready To Sell Third EBX Stake In July
10:04 AM Eastern Daylight Time Jun 25, 2012
SAO PAULO--Brazilian billionaire Eike Batista plans to sign off on the sale
of a third stake in his holding company EBX Group to an international investor
at the beginning of July, said a person familiar with the negotiations.
The person, who declined to be named, did not offer further details of the
pending transaction.
EBX representatives declined to comment for this article.
At the end of March, Batista sold a 5.63% stake in EBX to Abu Dhabi's
sovereign wealth fund for $2 billion. In May, Batista sold a 0.8% stake in EBX
for $300 million to General Electric Co. (GE). At the time, GE said EBX wanted
to use the proceeds to reinforce the company's finances and help fund future
investment opportunities.
Batista, the richest man in Brazil, is raising money to diversify into
industries ranging from precious metals to entertainment and sports
management. The group currently holds interests in industries such as mining
and oil as well as infrastructure and logistics, all of which are in different
stages of development.
Batista has also been collecting a number of high profile associations,
having also signed last April a partnership with U.S. technology giant
International Business Machines Corp. (IBM), through EBX's subsidiary SIX
Automacao.
Write to Luciana Magalhaes at luciana.magalhaes@dowjones.com
(END) Dow Jones Newswires
June 25, 2012 10:04 ET (14:04 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc.
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