Batista Moves to Delist LLX

Eike Batista is offering to buy up all of the outstanding shares of Brazil’s LLX Logistica, LLX says, aiming to delist the unit and to give minority holder Ontario Teachers Pension Plan (OTPP) a greater stake. He is offering BRL3.13 ($1.54) per share, representing a 25% premium to the BRL2.50 average price from the 20 day period prior to the announcement. Shares closed Monday at BRL2.96. OTPP, LLX’s second-largest holder after Batista, also plans to take part in the buyout of other shareholders, which could top BRL600m, in order to increase its own stake. LLX does not give an indication of the timing of the offer. The stock is down 12.2% this year, and other companies in the EBX family have also been suffering losses. The move towards a strategic partner and away from the public markets is consistent with the trend at EBX, which this year has put off a public listing and sold more than $2bn in private stakes to the Mubadala sovereign wealth fund and to GE.