Cosan SA Industria e Comercio : Brazil's Cosan May Delist Holding Company Shares From NYSE -Report
02/01/2012 | 08:53am Cosan SA (CSAN3.BR), the world's biggest combined sugar and ethanol producer, plans to delist shares of parent company Cosan Limited (CZZ) from the New York Stock Exchange, Valor Economico newspaper reported Wednesday.
Cosan Limited is expected to delist by the end of this year, likely swapping Limited shares for share of operating unit Cosan SA, Valor said, citing people it didn't name.
Cosan's Sao Paulo press office didn't immediately return a call from Dow Jones Newswires seeking comment.
Cosan Limited was formed in 2007 when the company's controlling shareholder Rubens Ometto wanted to increase the company's capital without diluting his control. The creation of the company involved creating a class of shares to be owned by Ometto that had 10 times more voting power than the class of shares held by the remaining stockholders.
Cosan Limited was originally intended as a vehicle to make acquisitions abroad, but the holding company's reason for being came under question after a partnership was formed between Cosan and Royal Dutch Shell (RDSA.LN) last year to create ethanol-producer Raizen, Valor said.
-By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7073; paulo.winterstein@dowjones.com
