STXNEWS LATAM-Batista to delist coal company CCX on June 4

Fri Apr 5, 2013 5:59pm EDT

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Brazilian billionaire Eike Batista will delist his coal mining company CCX by buying back and exchanging outstanding shares for stock in other companies in his EBX Group at an auction on June 4, according to a notice on Friday.

The operation will be worth 280.7 million reais ($141.4 million), the notice from EBX said. Batista plans to limit the amount exchanged for shares in other companies to 2 percent of capital, except for those traded for shares in oil producer OSX PetrĂ³leo e Gas SA.

The maximum price paid for shares will be 4.31 reais each, as previously announced. CCX, whose operations are focused on Colombia, went public in May 2012. Its shares closed at 3.47 reais on Friday, down 2.54 percent.

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