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Bond Market News
Cosan Offloads 4.05% Stake in Vale
January 17, 2025
Cosan sold approximately 173mn shares, or 4.05%, of its stake in mining giant Vale in order to reduce its debt burden. According to source, Cosan raised about BRL 9bn ($1.5bn) with the sale, helping reduce its debt by 40%, bringing it down to around BRL 14bn ($2.3bn). Cosan’s decision to sell was driven by the need to optimize its capital structure, as the company faces high interest rates in Brazil. The conglomerate had previously sold about 33mn shares as part of its deleveraging strategy. Despite selling the stake, Cosan Chairman Rubens Ometto expressed confidence in Vale and its management. The move was well-received by investors, with Cosan’s shares rising as much as 8.6%, and its dollar bonds like 7.5% 2030s up by 1.8 points to 102.7, yielding 6.78%.
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