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Last updated: July 04. 2013 12:36PM - 344 Views
Associated Press



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(AP) Brazilian billionaire Eike Batista has stepped down as chairman of energy company MPX Energia after it was forced to call off a long-sought IPO.


MPX is part of Batista's EBX Group, a conglomerate that also includes logistics and mining firms.


The company says in a Thursday statement that former board vice chairman Jorgen Kildahl has been named interim chairman. Kildahl is also a member of the board of management of E.ON, the German utility that has a 36 percent stake in MPX.


The statement also says that MPX's board of directors approved a capital increase of 800 million reals ($356 million) at 6.45 reals ($2.96) per share. It says the increase replaced the planned IPO "after market conditions substantially worsened in the last few weeks."


Associated Press
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