The shares declined 0.6 percent to 1.59 reais at 2:15 p.m. in Sao Paulo after earlier slumping as much as 14 percent in the biggest intraday drop since July 1. The BM&FBovespa Small Cap Index declined 0.2 percent.
CCX soared 65 percent in the three days through yesterday on speculation Batista had found a buyer for the company’s assets in Colombia, where it obtained coal-mining licenses and planned to build a port and a railway system. The company, which is based in Rio de Janeiro, said in a regulatory filing after the market closed yesterday that it hasn’t signed any contract to sell the projects.
Batista is cutting costs and selling stakes in his natural resources and logistics companies after production and profit missed targets, erasing more than $33.5 billion of his fortune since March 2012.
EIG Global Energy Partners LLC offered 1.3 billion reais ($535 million) on Aug. 14 for part of LLX Logistica SA (LLXL3), Batista’s port operator. EON SE, Germany’s biggest utility, increased its stake in the energy unit MPX Energia SA (MPXE3) and became its controlling shareholder through an agreement to acquire as much as 1.56 billion reais of shares.
To contact the reporter on this story: Denyse Godoy in Sao Paulo at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos at email@example.com