Positivo Falls Most in Three Years as Lenovo Buys Brazil Rival

Positivo Informatica SA (POSI3), Brazil’s biggest computer maker, fell the most in three years after China’s Lenovo Group Ltd. (992)’s agreement to buy a rival electronics maker ended speculation it would be acquired.

Positivo slumped as much as 15 percent, the most since February 2009, and traded 12 percent lower at 5.52 reais as of 12:25 p.m. in Sao Paulo.

The shares had surged 14 percent yesterday on speculation it would be bought after Lenovo, the world’s second-largest computer maker, said in a statement that Chief Executive Officer Yang Yuanqing would make the “biggest announcement in the company’s history in Brazil” today. Lenovo will buy consumer- electronics makers Digiboard, Digibras and Dual Mix, a group known as CCE, according to a regulatory filing today.

“That was a big disappointment to investors, who expected some kind of agreement with Positivo,” Marcelo Varejao, an analyst at brokerage Socopa, said by phone from Sao Paulo. “Rumors about Lenovo’s interest in the Brazilian computer maker had been running in the market for quite some time.”

Positivo had risen 9 percent this year through yesterday, while the benchmark Bovespa stock index declined 0.9 percent during that same period.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: Brendan Walsh at bwalsh8@bloomberg.net

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