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Sun 23 Sep 2012 12:25 PM

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Brazil's Batista sells gold mining stake to Qatar

Qatar Investment Fund's deal for 49 percent stake in AUX reported to be worth US$2bn

Brazil's Batista sells gold mining stake to Qatar
Brazils richest man Eike Batista has sold a 49 percent stake in his AUX gold business to Qatar Investment Fund (QIF), according to a report by Brazilian magazine Veja.

Brazil's richest man Eike Batista has sold a 49 percent stake in his AUX gold business to Qatar Investment Fund (QIF), according to a report by Brazilian magazine Veja.

In June, Bloomberg reported Batista was selling the stake for around US$2bn. The QIF deal would be the latest overseas investment by Qatar after snapping up a luxury retail complex on Paris’s Champs-Elysées boulevard earlier this month.

The Gulf state's investment arm previously bought London department store Harrods for US$2.22bn in 2010 while its portfolio also includes stakes in Royal Dutch Shell, LVMH Moët Hennessy Louis Vuitton, Tiffany & Co and Paris St Germain football team.

It is not Batista’s only link to the region. Earlier this year, it was reported Abu Dhabi’s Mubadala Development Company was looking to increase its investments in Brazil, three months after it struck a US$2bn deal with Batista.

The Abu Dhabi-backed investment and development is eying large Brazilian companies in order to set up partnerships in the renewable-energy sector, the Wall Street Journal said.

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