Cosan acquires a stake in iron ore producer Vale

Published by Joe Toft, Editorial Assistant
Global Mining Review, Monday, 10 October 2022 13:00

Cosan S.A., the Brazilian conglomerate, has announced that through a subsidiary and a combination of direct investments (equity) and derivative operations, it has acquired a stake corresponding to approximately 4.9% of the total common shares issued by Vale S.A.

Cosan has also announced that it intends to increase its interest above the percentage already acquired and will immediately seek approval from the Administrative Council for Economic Defence (CADE). Until CADE's decision, the company will be exposed to an additional and exclusively financial position of 1.6% of Vale's equity through a derivative transaction that is different from the one used for the acquisition, which might be converted into direct acquisition with CADE’s approval.

This move is another step in the company's portfolio diversification journey, investing in irreplaceable assets in sectors that Brazil has a clear competitive advantage.

The operation was financed by a combination of credit lines, including the private issuance of commercial notes, and financing related to derivative instruments.

Read the article online at: https://www.globalminingreview.com/mining/10102022/cosan-acquires-a-stake-in-iron-ore-producer-vale/

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