Eike Batista: Can the Brazilian Tycoon Revive his Crumbling Empire?

            
 
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Case Details:

Case Code : FINC090
Case Length :17 pages
Period : 2003-2013
Pub. Date : 2013
Teaching Note : Available (7 Pages)
Organization :EBX Group, OGX
Industry : Petroleum, Infrastructure, Mining
Countries : Brazil

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Background Note

Batista grew up in Brazil and Germany. At the age of 21, he started a trading company dealing in gold. He invested the US$ 6 million he got from gold trading in a mining company. He modernized the mining company, and by 1983, it had become Brazil's first alluvial mechanized gold mine. Between 1980 and 2000, Batista earned US$ 1 billion and his investors reaped benefits amounting to US$ 20 billion.In six years, he founded five companies. The first company that Batista created in the EBX conglomerate was a mining company - MMX MinerašŃo e Metalicos SA (MMX) – which was created as an iron ore integrated producer in 2005 with an investment of US$ 300 million. In 2007, a logistics subsidiary of MMX, LLX Logistica SA (LLX) was created. It was spun off as a separate entity in March 2007. This company was involved in the development of a large port, Ašu Superport in northern Rio de Janeiro.

OGX was founded in 2007 as an oil and natural gas company and was involved in exploration and production. Several executives from Petrobras were hired by OGX. In November 2007, OGX raised US$ 1.3 billion through private placement.

Electricity and energy company, MPX Energia SA (MPX), was founded as an integrated energy company to develop integrated production, transport, and port facilities to provide fuel to power plants in Brazil. The company also owned some coal deposits and a few oil exploration blocks. OSX Brasil SA (OSX) was founded in 2009 as a shipbuilding, leasing, and oil and gas services company. CCX Carvao da Colombia SA (CCX) was spun off from MPX in May 2012. This contained the assets of an integrated mining project in Colombia. All these companies were publicly listed – MMX in July 2006, MPX in December 2007, OGX in June 2008, LLX in July 2008, OSX in March 2010, and CCX in May 2012.

Batista also owned a few unlisted companies. These included a touring yacht – Pink Fleet, a Chinese restaurant – Mr Lam, a heritage hotel – Gloria Palace, real estate companies – REX and MD.X, and a hair and skin clinic – BEAUX. ...

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