A group of sovereign funds and large investors made an offer to acquire CCX Carvão da Colômbia S.A. (BOVESPA:CCXC3) for approximately $170 million on March 12, 2015. Blackstone Advisory Partners L.P. acted as the financial advisor to the sovereign funds and large investors. As on April 8, 2015, an arbitrator ruled that CCX should not enter into merger talks with the group of sovereign funds and large investors.

As of July 28, 2015, CCX Carvão da Colômbia S.A. declined the offer from group of sovereign funds and large investors.