Brazil's Cosan May Delist Holding Company Shares From NYSE -Report
February 01 2012 - 9:07AM
Dow Jones News
Cosan SA (CSAN3.BR), the world's biggest combined sugar and
ethanol producer, plans to delist shares of parent company Cosan
Limited (CZZ) from the New York Stock Exchange, Valor Economico
newspaper reported Wednesday.
Cosan Limited is expected to delist by the end of this year,
likely swapping Limited shares for share of operating unit Cosan
SA, Valor said, citing people it didn't name.
Cosan's Sao Paulo press office didn't immediately return a call
from Dow Jones Newswires seeking comment.
Cosan Limited was formed in 2007 when the company's controlling
shareholder Rubens Ometto wanted to increase the company's capital
without diluting his control. The creation of the company involved
creating a class of shares to be owned by Ometto that had 10 times
more voting power than the class of shares held by the remaining
stockholders.
Cosan Limited was originally intended as a vehicle to make
acquisitions abroad, but the holding company's reason for being
came under question after a partnership was formed between Cosan
and Royal Dutch Shell (RDSA.LN) last year to create
ethanol-producer Raizen, Valor said.
-By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7073;
paulo.winterstein@dowjones.com
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