Sugar Giant Cosan Mulls Selling Vale Stake on Leverage Woes
- Cosan’s unit Raizen also mulling Argentina’s asset sale
- Cosan lost $3 billion in market value with shares down 39% YTD
Cosan’s net debt was 21.3 billion reais as of the end of June, almost three times the level it was a year earlier, according to data compiled by Bloomberg.
Photographer: Andrew Harrer/Bloomberg
Billionaire Rubens Ometto’s conglomerate Cosan SA is mulling a sale of assets including its $2.2 billion stake in mining giant Vale SA, according to people familiar with the matter, potentially unwinding a soured bet to pay down debt.
Cosan has told investors that all options are on the table to improve its balance sheet, including selling part or all of its 4.1% interest in the iron ore producer, the people said, asking not be identified because discussions aren’t public. The company has also weighed the sale of an Argentine gasoline distributor it owns in a joint venture with Shell Plc, the people said. No final decision has been made.