CCX dropped 47 percent to 68 centavos at 11:56 a.m. in Sao Paulo, the lowest since it began trading in May 2012. The stock, which traded at more than 10 times its three-month daily average volume, has declined 83 percent this month compared with a 14 percent fall in the Ibovespa small cap index.
Batista, who last year lost the title of Brazil’s richest person, in January offered as much as 4.31 reais a share for Rio de Janeiro-based CCX, payable in stock of other public companies he controls. Brazil’s stock market “doesn’t represent an ideal environment to sustain the current terms” of his offer, Batista said in a statement late yesterday. He said he may reassess the deal if market conditions improve.
Batista, whose net wealth dropped 59 percent this year, is selling assets, restructuring debt at his holding company EBX Group Co. and trimming projects as his six publicly traded units accumulate losses. OGX Petroleo & Gas Participacoes SA, the billionaire’s oil-producing company, fell 2.6 percent today to 76 centavos, extending its decline in the past year to 92 percent.
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