Batista’s OGX Surges Amid $200 Million Bailout Speculation
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OGX Petroleo & Gas Participacoes SA, Eike Batista’s oil company, surged a third day amid speculation it will get a capital injection from investors as its negotiates to restructure debt after firing its chief executive officer.
The shares surged as much as 59 percent to 54 centavos, more than doubling in value over the past three days. The stock closed at 47 centavos in Sao Paulo, contributing the most to the Ibovespa’s 1.8 percent advance. Trading volume was 3.9 times the three-month daily average.