Banks made over US$400 million from the Eike Batista bubble.
With overly optimistic outlooks, Pactual, Credit Suisse, and, to a lesser extent, Itaú BBA, presented the plans of "Company X" to major investors and pocketed R$ 438,5 million in commissions – remuneration exceeding the average obtained in offerings made during the same period.
247 Today, there is no longer any doubt that the success of Eike Batista's companies in the stock market was sustained solely by a bubble of enthusiasm, fueled by investment banks, to the detriment of real results and profit estimates.
This work was carried out primarily by the banks Pactual, Credit Suisse and, to a lesser extent, Itaú BBA, facilitated by the context of abundant international liquidity, a promising scenario for the pre-salt reserves and the enormous euphoria of investors regarding Brazil.
In an article published by Valor last week, Eike stated that he regrets having turned to the capital market before his companies were ready for it. Any other option, however, would not have allowed the businessman to raise so much money. And, at that moment, the prospects were the best possible.
The offerings generated R$ 438,5 million in commissions for the banks. The remuneration paid by OGX, MMX, MPX, and OSX to the institutions exceeds, in relative terms, the weighted average of commissions in offerings carried out in those same years.