Denise Winther of Babenco's HB Films says the director died Wednesday night of a heart attack at Sao Paulo's Sirio-Libanes Hospital.
"Kiss of the Spider Woman" also was nominated for best picture and William Hurt won the Best Actor Oscar.
Babenco also directed "Ironweed" with Jack Nicholson and Meryl Streep, who were nominated for best actor and actress Oscars.
His last film was "My Hindu Friend" (2015), starring Willem Dafoe. It tells the story of a film director close to death.
