Batista Gets LLX Approval

Brazil’s LLX has received shareholder approval to move ahead with a share buyback and delisting operation, it says. Controller Eike Batista is aiming to buy up the shares he doesn’t own, in an operation that could cost more than BRL620m ($307m), based on a BRL3.13 per share price he proposed. Bank of America Merrill Lynch has been hired to determine the value of the shares. Minority holder Ontario Teachers’ Pension Plan (OTPP) is also to take a greater stake through the operation. LLX does not give an indication of the timing of the offer. LLX closed Friday at BRL3.19. 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.