Cosan not trying to promote Vale stake briefly time period, CEO says By Reuters
SAO PAULO (Reuters) – Brazilian conglomerate Cosan (NYSE:) is just not trying to promote its stake in miner Vale within the brief time period, Chief Govt Rubens Ometto was quoted as saying in an interview printed on Wednesday.
WHY IT’S IMPORTANT
Cosan is a Brazilian commodity large and owns a stake of simply over 4% in Vale, making it an vital shareholder in one of many world’s largest iron ore miners, which has a dispersed possession.
A Bloomberg Information report final month indicated Cosan was contemplating a sale of belongings together with its $2.2 billion stake in Vale.
KEY QUOTES
“We’re long-term traders and are comfortable (with it). We’re not concerned with flipping the shares within the brief time period,” Ometto mentioned in an interview with newspaper Valor Economico.
He famous, nevertheless, that Cosan was learning alternate options to cut back its debt load.
ADDITIONAL BACKGROUND
Cosan controls logistics agency Rumo, lubricants firm Moove, agency Compass and shares management of Raizen with Shell (LON:).
It first bought a 4.9% stake in Vale in late 2022 however has since offered some 33 million shares, decreasing the stake to 4.1% in a transfer it mentioned was “geared toward optimizing its capital construction,” with no change to its long-term Vale funding.
Vale not too long ago swapped CEOs, with former finance head Gustavo Pimenta changing Eduardo Bartolomeo. Ometto praised Pimenta as “somebody who is aware of the miner effectively” and would “appropriate what must be executed,” based on Valor.
