(Bloomberg) -- The owner of a majority stake in Sydney-listed metallurgical coal producer Coronado Global Resources Inc. terminated its sale to Czech tycoon Pavel Tykac’s Sev.en Global Investments.

The Energy & Minerals Group said on Tuesday it wouldn’t proceed with the sale of its 51% stake after conditions in a September agreement, including approval by Australia’s Foreign Investment Review Board, hadn’t been met by a June 22 deadline. No regulatory concerns were raised, the Czech company said in a separate statement.

Sev.en in September cited expansion opportunities across Coronado’s coal portfolio in Australia and the US as reasons for the purchase. The company’s shares have fallen 35% since Sept. 25, the day before the sales agreement was made public, to a market capitalization of about A$2 billion ($1.3 billion).

“We have carefully re-assessed the transaction on the expiry of the outside date and concluded that terminating the deal is in Sev.en Global Investments’ best interests,” Sev.en Chief Executive Officer Alan Svoboda said by email. “The group therefore does not intend to seek to extend, renegotiate, or continue with the deal.”

The Energy & Minerals Group is a Houston-based private equity company with about $14 billion of assets under management. 

(Updates with comment from Sev.en in fourth paragraph)

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