Brazilian tycoon Eike Batista will transfer 17.1 million shares, or 10.5 percent, of his iron ore mining company MMX Mineração e Metalicos SA to Abu Dhabi government investment fund Mubadala Development Corp, MMX said in a statement on Monday.

The transaction between Batista and Mubadala will cut his stake to 46 percent of the Rio de Janeiro-based company. That will end his full control of the company but he will remain the largest shareholder.

The transaction should be completed by the end of September, the statement said. Batista has debts with Mubadala related to deals he made before the collapse and break up of his giant EBX industrial group that includes MMX. – Reuters