Batista Sells OGX Shares

Brazilian billionaire Eike Batista has sold BRL122m ($57m) worth of shares in OGX Petroleo & Gas Participacoes, according to regulatory documents. The controller sold 70.5m shares between May 24 and May 29, at prices ranging from BRL1.75 to BRL1.85 per share. Shares closed at BRL1.17 Tuesday. OGX’s 2018 bonds dropped 8 points to 48-50 Tuesday, according to a trader. The company has been challenged, with Fitch last month lowering its rating to B minus from B. The agency was concerned about OGX’s liquidity following the acquisition of 13 exploratory blocks during a time in which the company is implementing an aggressive investment program and struggling to bring oil and gas production on line. Batista granted OGX a $1bn put option last year that is available through April 2014. The billionaire’s stake in OGX declined to 58.92% at the end of May from 61.1% at the end of April.