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Sovereign Wealth Funds Briefing - Categorized | Financials, Trends

Batista’s wealth declines $7 bln on Abu Dhabi pledge

Posted on 14 December 2012

Eike Batista’s net worth is $6.8 billion less than previously estimated because new details on his deal to sell a stake in his EBX Group Co. imply a lower value for his Brazilian commodities empire, according to the Bloomberg Billionaires Index. After making repeated vows to become the richest person on the planet, Batista’s $12.7 billion fortune places him 73rd in the world, according to the ranking. He was 36th on Dec. 12.
Batista, under terms of the sale of 5.63 percent of EBX to Abu Dhabi’s Mubadala Development Co. for $2 billion in March, agreed to cede an unspecified additional stake in his holding company in 2019 if he fails to deliver a 5 percent annual return on the sovereign-wealth fund’s investment, according to a person with knowledge of the deal………………………………………..Full Article: Source

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