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Positivo Falls Most in Three Years as Lenovo Buys Rival

Sept. 5 (Bloomberg) -- Positivo Informatica SA, Brazil’s biggest computer maker, fell the most in three years after Lenovo Group Ltd.’s agreement to buy a rival electronics maker ended speculation it would be acquired.

Positivo slumped 16 percent to 5.32 reais at the close of trading in Sao Paulo, the most since February 2009, while the benchmark Bovespa index advanced 1.1 percent.

The shares had surged 14 percent yesterday on speculation it would be bought after China’s 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, for 300 million reais ($147.1 million), 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.”

Lenovo can make other acquisitions in the country if they are consistent with its strategy, Dan Stone, the company’s general manager, told reporters in Sao Paulo.

Positivo has declined 8 percent this year, while the benchmark Bovespa stock index gained 0.2 percent.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at

To contact the editor responsible for this story: Brendan Walsh at

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