In Brazil, Reuters reports that Cosan together with Shell are planning to spin off their joint venture Raizen through an IPO, although a timeframe hasn’t been announced. The move is part of Cosan’s attempt to streamline its various businesses, including launching IPOs for two of its other energy units, Compass and Moove. Before the IPO […]
In Brazil, Reuters reports that Cosan’s CEO expects many sugar mills are going to suffer this year as a result of COVID-19’s impact on ethanol demand. He said low prices are likely to lead to consolidation in the market as weaker players are forced to sell but that he wasn’t currently looking at acquisition opportunities. […]
In Brazil, Cosan announced the preliminary results of its tender offer to purchase its Class A common shares, or the shares, at (i) prices specified by the tendering shareholders of not greater than $15.50 nor less than $13.05 per share or (ii) at the purchase price determined in accordance with the tender offer. The tender […]
In Brazil, Cosan SA Indústria e Comércio expects ethanol sales to yield better returns than sugar across some Brazilian states, and say they could adjust the amount of sugar and ethanol produced if biofuel prices improve and sugar prices continue to decline. Raízen Energia, a 50-50 joint venture between Cosan and Royal Dutch Shell Plc, […]
In Brazil, Cosan says the domestic ethanol situation remains tight, providing for better margins than otherwise would be as cane millers continue to focus on sugar production while the global market remains in the last phases of deficit. The company plans to invest up to $777 million in cane this season, perhaps 15% more than […]
In California, Chevron Products Co., a division of Chevron U.S.A. Inc., and Novvi LLC—a joint venture of Amyris Inc., Cosan S.A. and American Refining Group—announced that Chevron has made an equity investment into Novvi. Terms of the transaction were not disclosed. Novvi produces targeted hydrocarbon molecules from plant sugar for automotive, industrial, marine, and construction […]
In Brazil, Shell and Cosan have agreed to drop their trial period for their joint venture Raizen and continue to operate together indefinitely. The mutual time-bound buyout options included in the original 2011 agreement that created the successful JV have been dropped, allowing the companies to jointly focus on ethanol production along with sugar and […]
In California, American Refining Group, Inc. and Novvi LLC, a joint venture of Amyris, Inc and Cosan S.A. announced that ARG has committed to a 33.3% equity investment into the joint venture. Both Amyris and Cosan will continue to hold share ownership stakes in Novvi, together with ARG. Novvi’s products and technology are recognized by […]
In New York state, Moody’s Investors Service downgraded the ratings of the notes issued by Cosan Overseas Limited and Cosan Luxembourg S.A and guaranteed by Cosan to Ba3 from Ba2. At the same time, Moody’s América Latina has today affirmed Cosan S.A. Indústria e Comércio (“Cosan”)’s Ba2 (global scale) and A1.br (national scale) corporate family […]
In Brazil, Cosan says it plans to produce more sugar this season while ethanol production should stay flat at around 2 billion liters, contradicting analysts’ expectation that a 27% blending mandate would encourage producers to favor ethanol over sugar production. The government may re-institute a fuel tax that would weigh on overall gasoline consumption, and […]
