* OGX rises more than 16 pct, LLX more than 11 pct
* BTG Pactual to support EBX lending, management needs
(Adds market comment, accord details, updates prices)
RIO DE JANEIRO, March 7 (Reuters) - Shares of companies controlled by Brazilian billionaire Eike Batista's Grupo EBX surged in early trading on Thursday after the group hired investment Bank BTG Pactual Group for financial advisory and funding.
The market value of the EBX companies, which operate in oil, energy, electricity, mining, ports and shipbuilding, was up 2.6 billion reais ($1.33 billion) by midday, according to Thomson Reuters calculations.
Batista called on BTG Pactual BBTG11.SA for help after sharp share-price declines at EBX companies over the last year caused his fortune to shrink by nearly $20 billion, costing him the title of Brazil's richest man.
BTG Pactual, led by fellow Brazilian billionaire André Esteves, will provide EBX with access to finance and provide management advice, EBX said late on Wednesday. [ID:nL1N0BYJ02]
Esteves and his bank come on board after a series of EBX management shake-ups failed to boost performance and calm investors' concerns that missed construction and production targets will starve EBX companies, most in the start-up phase, of cash to fund operations and pay debt. [ID:nL1N0AS2CX]
"This makes perfect sense, things haven't moved as quickly as planned and money is running out," said Pedro Galdi, oil and mining analyst with SLW Corretora, a São Paulo brokerage. "Batista's companies need lots of money and a credit partner, and Esteves is as sharp as a fox."
Shares of OGX Petroleo e Gas Participacoes SA (OGXP3.SA), Brazil's second-largest oil company by market value, rose 16.4 percent to 3.40 reais in late-morning trading in Sao Paulo. Iron ore miner MMX Mineracao e Metalicos SA (MMXM3.SA) rose 14.5 percent to 3.56 reais
Port and real estate group LLX Logistica SA LLXL3.SA rose 11.3 percent to 2.46 reais. Shipbuilding and ship leasing company OSX Brasil SA (OSXB3.SA) climbed 6.4 percent to 7.11 reais.
Natural gas and electricity company MPX Energia SA MPXE3.SA rose 0.8 percent to 11.14 reais.
($1 = 1.9615 Brazilian reais)
(Reporting by Jeb Blount, Guillermo Parra-Bernal; Editing by John Wallace)
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