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Wednesday, January 22, 2014

Former Goldman banker Bicudo to head Brazil's Eneva -source, (NYSE: GS)

Brazilian energy producer Eneva SA has named former Goldman Sachs Group Inc dealmaker Fabio Bicudo as chief executive officer, a source with direct knowledge of the situation said on Wednesday. Bicudo left Goldman Sachs this week after a four-year stint, his second at the firm, the bank said. Last March, he became co-chief of Goldman's investment banking unit in Brazil as part of a shake-up that followed a capital injection and a shift toward higher-margin client products.Eneva declined to comment. Efforts to reach Bicudo on his mobile phone for comment were unsuccessful.Eneva, formerly known as MPX Energia SA, is jointly controlled by E.ON SE, Germany's largest utility, and Brazilian investor Eike Batista. Goldman Sachs was the main adviser for E.ON on its investment in MPX, which the German company renamed Eneva after building a 37.9 percent stake through a series of stock purchases from Batista.E.ON turned to Brazil for growth following the implementation of tougher environmental rules at home and the impact of Europe's economic crisis over the past five years. But its bet on MPX and subsequently Eneva has proven costly: Shares of the Rio de Janeiro-based company are down about 74 percent since E.ON first bought a stake in January 2012.

The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS traded higher by 0.6% or $1.04/share to $174.24. In the past year, the shares have traded as low as $137.29 and as high as $181.13. On average, 2840920 shares of GS exchange hands on a given day and today's volume is recorded at 1210265.