Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

LLX Logistica Slumps After Batista Ends Planned Buyout

Sept. 13 (Bloomberg) -- LLX Logistica SA, Eike Batista’s port-development company, dropped 1.3 percent after the Brazilian billionaire said he won’t spend as much as 618.7 million reais ($306.4 million) to take the company private.

LLX declined to 3.13 reais at the close in Sao Paulo, after falling as much as 13 percent, the biggest intraday drop since Aug. 8, 2011. The stock has fallen 6.8 percent this year.

Batista, who owns 54 percent of LLX’s stock, offered to buy the company for as much as 3.13 reais a share on July 30. LLX said late yesterday that the billionaire suspended his plan after Bank of America Corp.’s Merrill Lynch, selected by minority shareholders to analyze the proposed deal, concluded Batista would have to pay 6.94 reais to 7.63 reais a share for the Rio de Janeiro-based company.

“The market is reacting badly because he removed the offer,” Rogerio Freitas, a partner at hedge fund Teorica Investimentos, said in a telephone interview from Rio de Janeiro. “Investors are not looking now at value.”

Batista, who controls six publicly traded companies, owns 372 million shares of LLX, which is building the Acu port in Rio de Janeiro state. The next largest shareholder is the Ontario Teachers’ Pension Plan, which holds a 17.9 percent stake, according to data compiled by Bloomberg. Ontario Teachers’ had agreed to boost its stake in the company through the Batista offer.

Batista, 55, has seen his wealth dwindle this year after investors were disappointed by production and reserve estimates at oil producer OGX Petroleo & Gas Participacoes SA, his biggest holding. Batista’s holdings are worth $22 billion, making him the world’s 24th richest person, according to the Bloomberg Billionaires Index daily ranking.

To contact the reporters on this story: Helder Marinho in em São Paulo at; Juan Pablo Spinetto in Rio de Janeiro at

To contact the editor responsible for this story: Jonathan Roeder at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.