All Surges Most Since ‘09 as Cosan Abandons Stake Purchase PlanJulia Leite
All America Latina Logistica SA, Latin America’s largest railroad operator, surged the most in four years after Cosan SA Industria & Comercio ended plans to buy a 5.67 percent stake in the company.
The shares gained 9.7 percent to 9.63 reais at 3:07 p.m. in Sao Paulo. A close at that level would be the biggest advance since May 2009. Trading volume was 4.1 times the three-month daily average. The stock was the second-best performer on the benchmark Ibovespa, which rose 0.9 percent.
Talks to acquire a stake in All “ended without the transaction coming to fruition,” Cosan said in a statement today. Cosan, which controls the world’s biggest sugar-cane processor with Royal Dutch Shell Plc, had agreed in February 2012 to buy 39 million shares of the Curitiba, Brazil-based railroad operator.
Sao Paulo-based Cosan’s shares fell 2 percent to 40.77 reais, poised for the lowest close since December. All has gained 16 percent this year, compared with a 16 percent drop in the Ibovespa.