E.ON in $34bn Brazil power deal

Giant German utility E.ON said yesterday it will team up with Brazilian billionaire Eike Batista to build the largest privately held network of power plants in Brazil, as it bets on emerging markets amid stagnant growth in Europe. Dusseldorf-based E.ON and Batista-controlled MPX Energia said they could jointly build up to 20 gigawatts of generation capacity in Brazil and Chile, a project Batista said could cost $34bn.