Batista ventures may reap gains from Hu's visit

NEW YORK - Eike Batista's shareholders may benefit most from Chinese President Hu Jintao's visit to Brazil this week as the Brazilian billionaire seeks investments for his LLX Logistica SA Porto Acu project.

The Manhattan-sized complex, planned for Rio de Janeiro's coast, will be "a highway to China" and require as much as $50 billion, Batista told reporters on March 31, ahead of Hu's arrival this week for a summit of the largest emerging economies.

Wuhan Iron & Steel Group, China's third-largest steelmaker, paid $400 million in November for almost 22 percent of Batista's MMX Mineracao e Metalicos SA iron-ore company. The companies also said they may jointly build a steel mill at the port costing as much as $5 billion.