Brazil's richest man Eike Batista said today that he resigned as the chairman of MPX Energia SA. His quitting came after his business empire continued to collapse.
The multi billionaire left the company's board of directors after a third of the share price plummeted, forcing MPX Energia SA to slash the size of a share sale. Because of this, German investors EON SA gained more control over the Rio de Janeiro based company. EON SE made another 400 million reais investment, equal to $176 million. A new interim chairman was appointed by EON, signifying a stronger hold on the company.
Batista's exit from MPX Energia took a toll on his net worth, which has been dropping every month since the past year. His portfolio of companies, including port operators and oil producers, has failed to perform. He recently sold his Embraer SA jet, offering more than $1 billion in loans.
"EON appreciates Eike's great contribution to developing MPX to be one of the leading energy companies in Brazil since he founded it in 2001," said Jorgen Kildahl, MPX's new chairman.
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