June 20 (Bloomberg) -- CCX Carvao da Colombia SA, the smallest of Eike Batista’s publicly traded companies, slumped to a record low after the billionaire canceled plans to take the coal business private.
CCX dropped 38 percent to 80 centavos at the close in Sao Paulo, the lowest since it began trading in May 2012. The stock, which traded at more than 25 times its three-month daily average volume, has declined 80 percent this month compared with an 11 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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