Cosan is near to concluding acquisition
Valor Econômico - 03/04/2009
The Cosan group, the largest sugar and alcohol producer of Brazil and one of the largest of the world, is involved in two important negotiations in order to increase its participation in the sugar and alcohol sector of the country. In one of the fronts, the group analyses the purchase of major interest in Nova América, owner of the União brand, controlled by the Rezende Barbosa family. The company is seeking a strategic partner to in order to gain vigor to work its expansion projects of new plants in the country. The negotiation is still in the stage of "due diligence" (audit), but the group got preference for the purchase. At the same time, the group also made a proposal to enter into a partnership in the Santelisa Vale, based in Sertãozinho (SP). Greatly in debt (nearly R$ 3 billion/US$ 1.3 billion), Santelisa is seeking a strong partner to continue its operations, thus avoiding a request for judicial recovery. In this business, Cosan disputes the company with other interested groups, like Bunge, BTG, owned by entrepreneur André Esteves, GP Investimentos, ADM, Cargill, Louis Dreyfus, São Martinho. For these investors only a majority share interests. Santelisa shall define the partner until the 15.