Eike Seeks CCX Delist

Brazilian billionaire Eike Batista plans to delist his CCX coal miner, by buying up all of the outstanding shares through a public offer, CCX says. The timing of the offer remains to be finalized, with Batista establishing a BRL4.31 per share maximum price. The maximum level represents a 37.7% premium to Monday’s BRL3.13 closing price, which was up BRL0.97 during Monday’s session. The plan comes “due to the need to undergo changes in its strategic plans after the deterioration of conditions on the coal market,” the company says.