By Andy Sambidge
Brazilian billionaire set to sell 49% stake in gold mining unit to Qatar Investment Fund
Brazil's richest man, Eike Batista, is said to be selling a stake in his AUX gold business to Qatar Investment Fund (QIF), it was reported on Friday.
Billionaire Batista is selling a 49 percent stake in the company which mines in Colombia for about $2bn, Bloomberg reported, citing a person with knowledge of the transaction.
EBX Group Co, Batista’s Rio de Janeiro-based holding company, decided to sell a stake in AUX after shelving plans to take the company public, Bloomberg said.
An EBX official in Rio declined to comment and calls to a London-based public relations firm representing the Qatar fund went unanswered, the newswire added.
The 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 $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.
On Thursday, it was reported that Abu Dhabi’s Mubadala Development Company is looking to increase its investments in Brazil, three months after it struck a $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 newspaper said.
Bloomberg said Batista’s net worth has climbed 8.7 percent this year to $24.5bn, making him the 13th richest person in the world.