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CCX Falls After Saying It Has No Deal on Colombian Projects

Aug. 22 (Bloomberg) -- CCX Carvao da Colombia SA, the coal unit of Brazilian billionaire Eike Batista, fell the most in three weeks after saying it has no deal to sell its Colombian mining projects.

The shares declined 9.4 percent to 1.45 reais at the close of trading in Sao Paulo, the biggest one day drop since Aug. 2. It was the biggest slump on the BM&FBovespa Small Cap Index, which rose 0.5 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, Batista’s port operator. E.ON SE, Germany’s biggest utility, increased its stake in the energy unit MPX Energia SA 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 dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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