Bloomberg News

Brazilian Stock Movers: Cosan, Embraer, LLX, Petroleo Brasileiro

October 21, 2011

Oct. 21 (Bloomberg) -- The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close of trading. Preferred shares are usually the most-traded class of stock.

The Bovespa Index rose 2.3 percent to 55,255.23.

Centrais Eletricas Brasileiras SA (ELET6 BS) advanced 3.2 percent to 23.45 reais. Latin America’s largest publicly traded utility made a non-binding offer to buy the 21 percent stake the Portuguese government is selling in utility EDP-Energias de Portugal SA, Diario Economico reported, citing unidentified people. China Three Gorges Corp. also made an offer, according to the report.

Cosan SA Industria e Comercio (CSAN3 BS) climbed 1.2 percent to 26.81 reais. The sugar-cane processor said in a regulatory filing it agreed to buy lubrication distribution assets in Bolivia, Paraguay and Uruguay from ExxonMobil Lubricants Trading Co., without specifying the value of the transaction.

Embraer SA (EMBR3 BS) increased 2.3 percent to 12.34 reais. Royal Jordanian Airlines intends to expand its fleet of Airbus SAS and Embraer planes, said Chief Executive Officer Hussein Dabbas. Separately, Embraer was rated “buy” in new coverage at Deutsche Bank AG.

LLX Logistica SA (LLXL3 BS) advanced 2.8 percent to 3.67 reais. The port developer controlled by billionaire Eike Batista said it signed a rental agreement with NKT Flexibles I/S for its Acu port in Rio de Janeiro state. Revenue from the contract is estimated to be about 8 million reais ($4.5 million) a year, LLX said in a regulatory filing yesterday.

Petroleo Brasileiro SA (PETR4 BS) gained 2.4 percent to 19.27 reais. Brazil’s state-controlled oil company followed crude prices higher. Separately, Petrobras, as the company is known, plans to sell bonds denominated in euros and pounds, according to three people familiar with the matter who asked not to be identified because the plans haven’t been announced publicly. The sale will take place when market conditions improve, the people said.

--Editors: Marie-France Han, Glenn J. Kalinoski

To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net


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