MPX Snaps Two-Day Loss as Batista Seeks to Sell Stake: Rio Mover

MPX Energia SA rose, snapping two days of declines after the Brazilian energy producer said founder Eike Batista is seeking to sell his stake.

MPX rose 0.8 percent to 5.95 reais at the close of trading in Sao Paulo, after advancing as much as 6.8 percent intraday. MPX has dropped 45 percent this year as the former billionaire struggled to raise cash for the Rio de Janeiro-based company he jointly controls with Germany’s EON SE.

MPX “was notified by one of its controlling stakeholders, Mr. Eike Fuhrken Batista, that he is in talks about a possible sale of his shares,” the company said in a regulatory filing today. An agreement hasn’t yet been signed, MPX said.

Batista, who listed six companies since 2006, is selling assets ranging from oil fields to a logistics operator after seeing more than $30 billion of his personal wealth disappear since early 2012 because investors lost confidence in his companies after delayed projects and rising debt.

EON increased its stake in MPX through a private placement to 36 percent on July 4, making it the largest stakeholder in the company as Batista stepped down as chairman. Grupo BTG Pactual, the investment bank controlled by billionaire Andre Esteves, acquired 28.2 million MPX shares for $78.7 million, MPX said Sept. 6.