OGX Will Pay $1.3M To Resolve Brazil Antitrust Case

Law360, New York (August 29, 2013, 1:53 PM EDT) -- OGX Petroleo e Gas Participacoes SA has agreed to pay 3 million Brazilian reais ($1.3 million) to settle allegations from Brazil's antitrust agency that it bought a 40 percent stake in an offshore block containing a pair of oil fields before receiving regulatory approval.

The Conselho Administrativo de Defesa Economic said it could have voided the $270 million transaction between OGX — the energy arm of billionaire owner Eike Batista's industrial empire — and Petrobras, and leveled a fine ranging from 60,000 to 60 million reais...
To view the full article, register now.