CCX Carvao da Colombia SA, a mining unit of former billionaire Eike Batista, led gains among his natural resources and logistics companies amid speculation he has found more buyers for his companies.
CCX, as the smallest of Batista’s publicly-traded companies is known, rose 25 percent to 1.60 reais at the close in Sao Paulo, the highest on a closing basis since June 17. It is leading Brazilian small-cap stocks and is up 65 percent in the past three days. Batista’s oil unit OGX Petroleo & Gas Participacoes SA gained 2.9 percent.
EIG Global Energy Partners LLC’s 1.3 billion reais ($530 million) offer for part of LLX Logistica SA, Batista’s port operator, is driving speculation that the entrepreneur will also find buyers for other assets to help cover investments and pay off debts, Fabiano Santin, an analyst at Kondor Invest in Sao Paulo, said by telephone. Batista is cutting costs and selling stakes after production and profit missed targets, erasing more than $33.5 billion of his fortune since March 2012.
“They announced the LLX partial sale, people are gaining confidence he can divest some assets and raise more cash,” said Santin, who covers the bonds of Batista-controlled companies.
CCX and EBX Group Co., Batista’s holding company, didn’t immediately reply to e-mails requesting comment.