Brisa-Auto Estradas de Portugal SA rose 13 percent in Lisbon trading after Jose de Mello SGPS SA and Aeif Apollo Sarl raised their bid for Portugal’s biggest highway operator.
The stock climbed 31 euro cents to 2.65 euros, the biggest gain since March 30. Brisa shares have gained 4.1 percent this year, giving the company a market value of 1.59 billion euros ($1.94 billion).
Jose de Mello, a holding company for one of Portugal’s richest families, and Aeif Apollo raised their bid for Brisa to 2.76 euros a share. The bidders, through their Tagus Holdings Sarl venture, on March 29 had bid 2.66 euros a share.
“It’s natural that the stock will rise toward the price of the revised offer,” said Francisco Goarmon, a trader at Probolsa in Lisbon.
Aeif Apollo and Jose de Mello already own a combined stake of 50 percent in Brisa and hold 54 percent of its voting rights. Jose de Mello Chairman Vasco de Mello is also Brisa’s chairman and chief executive officer.
Brisa posted a 5 percent decline in toll revenue last year as the Portuguese economy contracted. Portugal was the third country after Ireland and Greece to request external aid amid the sovereign-debt crisis in Europe.