Another tear in Brazilian billionaire Eike Batista's pocketbook - The National:
"OGX Petroleo e Gas Participacoes, one of the companies owned by Brazil's former richest man, Eike Batista, has been rated worthless, the latest chapter in the crumbling of the magnate's industrial empire.
Analysts at Deutsche Bank and Bank of America estimated the stock to be worth about 4 cents, while Marcos Elias, a partner at the Sao Paulo-based brokerage Gradual Investimentos, said on Friday the company's value was close to zero.
The decline of OGX, once Brazil's second-biggest oil company by market value, further dials down the clock on Mr Batista's race to offload parts of his oil and gas, mining and ports businesses before they run out of cash. Several potential investors, including Mubadala Development, the strategic investment company owned by the Abu Dhabi Government, are reportedly circling."
'via Blog this'
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