We are not using any custom excerpt plugin.
The site (and the post) is here:
http://www.sebastiaomartins.org/?s=livro+de+ex
Where it is ” tags I mean the italic tags < e m > < / em >.
Tried with a fresh/clean wordpress installation. Sames problem.
Ok, my problem was with modsecurity in Linux, with some rules. Everything is ok now.