SLC Agricola Rises Most in Four Weeks on Brazil Land Venture

SLC Agricola SA (SLCE3) rose the most in four weeks after it signed a contract with Valiance Asset Management Ltd. to create a joint venture to invest in Brazilian agricultural land.

The farm company gained 2.1 percent to 18.64 reais at 11:40 a.m. in Sao Paulo, after earlier rising as much as 5.2 percent in the steepest intraday advance since May 4. The benchmark Bovespa index dropped 0.7 percent.

Valiance will invest $239 million in the venture by 2014 and will hold a 49.4 percent stake, while SLC will own the remainder, according to a regulatory filing.

To contact the reporter on this story: Karen Eeuwens in London at keeuwens@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.