OSX Soars as Estado Reports More Than 300 Fired in Restructuring
OSX Brasil SA (OSXB3), billionaire Eike Batista’s provider of equipment and services to the oil and gas industry, rallied after newspaper O Estado de S. Paulo reported more than 300 employees were fired in a restructuring.
Shares rose 2.6% to 3.14 reais at 2:33 p.m. after earlier adding as much as 6.9% and extending their three-day advance to 31 percent, the biggest gain in such a period of time on record. The BM&FBovespa Small Cap index fell 0.3 percent.
The firings are part of the plan to cut costs and increase revenue that OSX announced on May 17, Estado reported yesterday, citing a statement by the company that said it now has 260 employees compared with 575 in March.
OSX’s press office didn’t respond to an e-mail from Bloomberg News seeking comment. Its shares have lost 71 percent this year, while the small cap index has declined 2.1 percent during the same period.
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