Brazil's Eike Batista steps down as chairman of MPX Energia

Published July 04, 2013

| Associated Press

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."

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