Batista, once Brazil’s richest man, is reportedly divesting his interest after seeing his fortune fall $20 million over the past year on project delays.
He owns a 53.9% stake in the Rio de Janeiro-headquartered company.
“Negotiations are underway regarding a potential sale of certain of his shares in MPX,” the company said.
“Up to now, no agreements have been executed.”
According to a Reuters report, Batista is downsizing his Grupo EBX conglomerate of energy, oil, mining and logistics companies after some of his listed companies lost an average 70% of their value.
He even reportedly went to the country’s largest independent investment bank, BTG Pactual Group, last week to try to drive a turnaround of his businesses and get a funding infusion.
“We think that MPX gains by distancing itself from EBX," JPMorgan Securities analysts led by Gabriel Salas told the news service.
“Although the market may be initially disappointed for the absence of a tag-along offer to minority shareholders, in the longer run the company would gain by having a more financially stable controlling shareholder.”
While recent reports have suggested Germany's E.ON may purchase half of Batista’s stake in MPX Energia, no officials have confirmed such a move.
E.ON, Reuters said owns 11.7% of MPX but could see its total ownership rise to 38.6% should the reported plan come to pass.