Name game: Brazil’s energy firm to change its name
MPX energy to rename next month to delink itself from embattled magnate Eike Batista.
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September 02, 2013
Less than a minute read
SAO PAULO:
Brazil’s MPX energy firm is to change its name next month to delink itself from embattled magnate Eike Batista who currently has a 29% stake in the company. The name change will be voted upon at an extraordinary shareholders meeting scheduled for September 11. The change signals MPX’s determination to operate independently from Batista, who quit in July as chairman of the troubled power generation company he founded in 2001. German utility giant E.ON is to raise its stake in MPX from the current 36.2% to 38%, after investing the equivalent of $152 million through a capital increase finalised earlier this month. Batista’s heavily indebted EBX business empire has been crumbling and his own $30 billion net worth, has since shrunk by two thirds.
Published in The Express Tribune, September 1st, 2013.
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