Brazil's Batista steps down as chairman of MPX

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Associated Press

Posted on July 4, 2013 at 2:04 PM

Updated Thursday, Jul 4 at 3:02 PM

SAO PAULO (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. The conglomerate 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."

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