Economy & Business - June 2008 (ISSN 1741-7430)
Eike Batista raises US$3.6bn for start-up
On 13 June, a new Brazilian oil company, OGX Petroleo e Gas SA, founded by local billionaire Eike Batista, floated on the Bovespa, raising a staggering R$5.87bn (US$3.58bn) in an initial public offering (IPO). The company has yet to produce a barrel of oil and has fewer than 100 employees.
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