The last company one might expect to be in acquisition mode is OGX Petróleo e Gas Participações. Readers will recall that OGX, the flagship company of Brazilian billionaire Eike Batista (pictured), disappointed investors in June when it drastically revised down its initial production forecasts.
Since then, things have not improved much. Yet OGX this week announced it is paying $270m to Brazilian oil monolith Petrobras for a 40 per cent stake in a block in the Santos Basin. Read more