Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

Exclusive: Shell, Cosan JV Raizen taps banks for mega-IPO in Brazil – sources

Exclusive: Shell, Cosan JV Raizen taps banks for mega-IPO in Brazil - sources

By Carolina Mandl and Tatiana Bautzer

SAO PAULO (Reuters) – Brazilian energy firm Raizen, a joint venture between Cosan SA and Royal Dutch Shell PLC, has chosen four investment banks to manage its initial public offering, expected to be one of the largest this year, raising up to 13 billion reais ($2.25 billion), four people familiar with the matter said on Monday.

Raizen has picked Banco BTG Pactual SA, Bank of America, Citi and Credit Suisse AG to be the main banks in the transaction, and is expected to add more to the syndicate this week, the sources added, asking for anonymity to disclose private talks.

Raizen, Citi and Credit Suisse declined to comment on the matter. BTG and BofA did not immediately responded to a Reuters request for comments.

Raizen, the world’s largest sugar maker, also controls a large fuel distribution network and is Brazil’s fourth largest company by revenue, behind state-controlled oil producer Petroleo Brasileiro SA, known as Petrobras, iron ore miner Vale SA and meatpacker JBS SA.

Raizen is expected to be listed on Brazil’s stock exchange B3, one of the sources said, and is aiming to conclude the transaction by June or July.

Cosan, an energy group, disclosed earlier this month that its joint venture with Shell was being prepared for a listing ahead of planned flotation of two other companies it controls as it seeks to raise capital and finance growth.

The joint venture recently acquired Biosev SA, another sugar and ethanol company, from Louis Dreyfus in a cash-and-stock deal.

As part of the deal, Biosev shareholders will receive 3.5% of Raizen preferred shares, plus 1.49% of redeemable shares.

One of the sources said Raizen may be valued at up to 100 billion reais ($17.3 billion).

Raizen is one of the contenders for the refineries Petrobras has put for sale. It placed a bid for the REPAR refinery, in the southern state of Parana, but the process was cancelled and Petrobras is expected to relaunch it.

($1 = 5.7850 reais)

(Reporting by Tatiana Bautzer and Carolina Mandl, in Sao Paulo; Editing by Marguerita Choy)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post