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

Story Tools:

Font Size:

Social Media:

(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
All user comments are subject to our Terms of Service. Users may flag inappropriate comments.
comments powered by Disqus

Featured Businesses


Info Minute

Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com