CCX Leads Batista Gainers on Speculation: Rio Mover
(Corrects name of company in second paragraph.)
CCX Carvao da Colombia SA, a mining unit of former billionaire Eike Batista, is leading 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 20 percent to 1.54 reais at 11:50 a.m. in Sao Paulo, the highest on a closing basis in more than a month. It is leading Brazilian small-cap stocks and is up 59 percent in the past three days. Batista’s shipbuilding unit OSX Brasil SA (OSXB3) and his oil unit OGX Petroleo & Gas Participacoes SA also gained 5.7 percent and 4.4 percent, respectively.
EIG Global Energy Partners LLC’s 1.3 billion reais ($540 million) offer for part of LLX Logistica SA (LLXL3), 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.
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