SAO PAULO - Shares in Brazil’s Log-In Logística Intermodal SA seesawed on Tuesday, after the company confirmed that rival Manabi Holding SA made a takeover offer. Log-In rose as much as 8 percent in early Tuesday trading, only to wipe out all of those gains and decline as much as 1 percent. The stock was unchanged at 1.35 real as of 11:15 a.m. local time (1315 GMT). In a securities filing late on Monday, Log-In said the proposal from Manabi, a Brazilian mining and logistics company, is non-binding and subject to modification. The company did not disclose the size of the bid, though it noted that Manabi wants to win control of at least 51 percent of Log-In. Reuters reported on Dec. 30, citing a source, that Manabi proposed to inject about 400 million reais ($100 million) into Log-In in exchange for a stake between 60 percent and 70 percent. In late December, Log-In hired investment bank Moelis & Co to advise on the refinancing of 1.9 billion reais of bank loans. The company’s shares have gained about 39 percent since news of the Manabi proposal was reported. Manabi operates iron ore mines in the middle of the mineral producing state of Minas Gerais, in southeast Brazil, and is trying to build a 511 kilometer (317 mile) iron ore pipeline and a private port terminal in the neighboring state of Espírito Santo. ($1 = 4.0017 Brazilian reais)