Batista’s LLX Drops as Delisting Speculation Wanes: Rio Mover
LLX Logistica SA (LLXL3) led losses on the Brazil’s benchmark Bovespa Index after saying it’s not planning any new deals, damping speculation that controlling shareholder Eike Batista may buy back all outstanding stock and delist the ports company.
LLX fell 6.1 percent to close at 2.63 reais in Sao Paulo trading, the most since July 16. The Bovespa was little changed.
LLX, which is building the Acu port in Rio de Janeiro state, earlier this week posted its biggest two-day gain since 2009 as investors speculated that Batista may delist the company after the shares dropped about 40 percent in the past 12 months. LLX said in a regulatory filing late yesterday it doesn’t have any proposal for new “corporate arrangements.”
“The company is always pursuing to maximize value to its shareholders and constantly studying possibilities of engaging in new deals and corporate arrangements,” LLX said in the filing. “Currently, there is no proposal, binding document or decision in this regard.”
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