Saraiva SA Livreiros Editores fell the most in more than three months as the Brazilian bookseller said it had nothing to report after Amazon.com Inc. was said to be in talks to buy the company.
Shares dropped 4 percent to 26.78 reais at the close of trading in Sao Paulo, the most since July 3. The benchmark Bovespa index sank 1.4 percent.
The world’s largest online retailer is in talks to buy Sao Paulo-based Saraiva, which publishes books and sells them on the Internet and in brick-and-mortar stores, according to a person with direct knowledge of the discussions who asked not to be identified because they are private.
“The company is always willing to look at opportunities,” Saraiva said in a regulatory filing in response to a request from the stock exchange. “There is no deal of any type that needs to be reported under the legislation.”
Saraiva slipped 0.4 percent yesterday, after a 7.3 percent advance on Oct. 17. The stock has gained 40 percent since this year’s low on July 25.