LLX Logistica SA (LLXL3) dropped the most in almost four weeks 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 2.1 percent to 2.74 reais at 12:27 p.m. in Sao Paulo trading, after earlier declining as much as 8.9 percent, the biggest intraday drop since June 28. Brazil’s benchmark Bovespa Index fell 0.5 percent.
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.”
To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at firstname.lastname@example.org
To contact the editor responsible for this story: Dale Crofts at email@example.com