Reuters: Bankruptcy News: Brazil's Cambuhy, E.ON agree to pay $115 mln for stake in OGX unit

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Brazil's Cambuhy, E.ON agree to pay $115 mln for stake in OGX unit Oct 31st 2013, 09:56 Share this Email Print Reprints SAO PAULO | Thu Oct 31, 2013 5:56am EDT SAO PAULO Oct 31 (Reuters) - Germany's E.ON SE and Brazilian buyout firm Cambuhy Investimentos agreed to pay 250 million reais ($115 million) for a combined 45.5 percent stake in OGX Maranhão Petróleo e Gás SA, a unit of OGX Petróleo e Gás Participações SA, according to a securities filing on Thursday. Under terms of the accord, which was signed late on Wednesday, Cambuhy will subscribe 200 million reais of new shares on OGX Maranhão, the gas unit of OGX, while E.ON, Germany's largest utility, will subscribe another 50 million reais in stock, the filing said. Eneva SA, of which E.ON is the largest stakeholder, will hold 18.2 percent of OGX Maranhão, the filing said. Under the accord, Eneva will have the right for the coming two years to buy part or all of Cambuhy's shares in OGX Maranhão, the filing. The three companies agreed to create a controlling bloc that will have a combined 63.6 percent of OGX Maranhão. OGX Petróleo filed for bankruptcy protection on Wednesday but left OGX Maranhão out of those proceedings as the unit was in talks with a group of potential investors. Link this Share this Digg this Email Reprints

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