Eike Batista, Brazil's richest man, gave up "for the time being" on his bid to join the shareholder group that controls miner Vale newspaper Folha de S. Paulo reported on Friday.
Batista, the controlling shareholder of mining, energy and logistics conglomerate EBX, briefed government officials in August about a possible plan to become one of Vale's controlling shareholders. He offered to buy out part of the stakes that Banco Bradesco and Banco do Brasil's pension fund Previ have in Vale.
Folha said Batista's retreat follows comments he made last week aimed at Vale Chief Executive Roger Agnelli, in which he demanded Agnelli step up investment plans in Brazil.
Oct 16, 2009
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