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November 18, 2013 AT 3:34 PM
Brazilian oil company OGX, which is in bankruptcy and controlled by former billionaire Eike Batista, said on Monday that Malaysia's Petronas had rescinded a deal to buy a 40 percent stake in two of its oil blocks. OGX said in a filing that it is analyzing taking legal action against Petronas, who was to take a stake in two offshore Brazilian oil blocks, potentially throwing a lifeline to Batista as he sold off parts of his industrial empire to pay down debts