Brazilian business tycoon Eike Batista is reportedly looking to sell a controlling stake in MPX Energia SA as part of an effort to raise more than $5bn.

MPX Energia is one of Brazil’s most important power generation companies.

According to Lauro Jardim, a columnist at the Brazilian magazine Veja, the “preferred buyer” is German utility E.ON, which already holds a 12 per cent stake in MPX Energia.

Quoting an unnamed source, Bloomberg reports that EON is in discussions to boost its MPX stake to 37 per cent and gain effective control.

Neither Batista’s holding company nor E.ON would comment on potential deal.

Bloomberg reported that Batista’s estimated net worth has plunged 71 per cent since March last year. This reflects that fact, says Reuters,his group of companies has suffered several setbacks, including a fall in production at the oil and gas company, OGX Petroleo e Gas Participacoes SA.

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