Vibra started talks to buy Cosan's lubricants arm, Brazil Journal reports
The talks were sparked by a minority shareholder, European private equity firm CVC Capital Partners (CVC.AS), opens new tab, expressing interest in selling its stake, Brazil Journal said, adding that Vibra has also shown interest in buying 100% of the company.
However, talks stalled, it added, saying that according to a source, controlling shareholder and chairman Rubens Ometto has no interest in selling his stake.
Last year, Cosan scrapped a planned initial public offering (IPO) for Moove in the United States.
In a securities filing, Cosan said there was no agreement, commitment or document signed for a deal, adding that any talks held by the company are non-binding.
Cosan also said that it has been approached by various market participants regarding potential alternatives involving its assets.
In a separate filing, Vibra said weighing business opportunities is part of its regular activities, while also noting that no agreement, commitment or binding document was signed.
Moove declined to comment. CVC did not immediately respond to requests for comment outside normal business hours.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Telegraph
4 hours ago
- Telegraph
Milei's bet on China threatens an ugly fallout with his idol
When firebrand libertarian Javier Milei was campaigning to be president, he vowed that under his watch Argentina would not engage with 'decadent communists' like the Chinese, branding their leaders murderers and thieves. But 18 months is a long time in geopolitics. Milei, one of the few world leaders to attend the presidential inauguration of his political hero Donald Trump in January, has performed a remarkable political U-turn. On Monday, Milei rewrote the visa rules to make it easier for Chinese people to visit or work in Argentina. A week earlier, he unlocked a $5bn (£3.7bn) China-backed hydroelectric project in the country's south, which had been fractiously frozen since before he took office. And in April he renewed a currency swap arrangement with China, worth about 35bn yuan (£3.6bn) – a move that prompted an alarmed White House to dispatch Scott Bessent, the US treasury secretary, to Buenos Aires to deliver a dressing-down. By cosying up to China, Milei is risking his idol's ire. What has changed? Economics vs politics On the campaign trail in 2023 Milei told Argentine voters: 'I am not going to do business with any communist.' He has previously branded the country a 'bloody dictatorship'. But by last December he was having a sit-down with Xi Jinping, the Chinese president, on the sidelines of the G20 summit in Rio, and said he was up for a trip to Beijing. 'If you compare Milei during the campaign to Milei as president, he has softened his views on many, many issues. One of them is China,' says Bruno Binetti, an associate fellow at Chatham House, a think tank. 'He is adapting to the realities of governing, without this affecting his core beliefs and identity.' While Trump and Milei might be political soulmates – radically anti-woke, anti-regulation, anti-net-zero – Argentina cannot do without China's appetite for its exports, nor its investment into areas like mining and energy. 'If you want the economy to grow, if you want to show that Milei's economic model can generate growth, then you need good ties with China,' Binetti says. Milei has tried to separate this economic need from Argentina's wider political and diplomatic relationships, from his radical reform agenda – which has won him admirers worldwide, including Kemi Badenoch, the Tory leader. He has refused to join the anti-Trump Brics group of Brazil, Russia, India, China and South Africa. 'We must separate the geopolitical question from our commercial question,' Milei told the Wall Street Journal last year. Trading and economic relationships should be driven by business and he would not be 'meddling in whatever the private sector decides'. But economics and politics don't separate so easily, particularly in Trump's binary, zero-sum world. Peter Lamelas, Trump's nominee as the next ambassador to Argentina, told a US Senate committee hearing this week that his mission was 'to reduce the malignant influence of opposing powers' in Latin America – and that includes China. 'Argentina is essential, critical to opposing authoritarian regimes like Venezuela and China,' he said. Jim Risch, a Republican senator and the committee's chairman, urged Lamelas to fight China's 'expanding influence' in the region and to 'reduce China's technological and financial influence in Argentina'. Snubs and dealmaking This was not an exchange the two men might have anticipated having. When Trump returned to power, Milei – whom the American calls 'a friend' and 'my favourite president' – would have been at the very bottom of the White House's list of leaders to worry about. Not only was Milei at Trump's inauguration, but he came back a month later to publicly present Elon Musk, then setting up his department for government efficiency, with a version of his trademark bureaucracy-slaying chainsaw. The gift – which was inscribed with Milei's catchphrase 'Long live freedom, dammit!' – was handed over at a Conservative Political Action Conference, where Milei also met Trump. The two leaders discussed Argentina's 'groundbreaking economic reforms', according to a White House readout. Milei was back in the US yet again in April, heading to Trump's Mar-a-Lago resort for the 'American Patriots Gala', where he picked up an award recognising his 'unwavering dedication to freedom, market economics and conservative values'. But this time, Trump was unavailable. Supposedly a problem with the US president's helicopter prevented him from getting to Florida in time to catch Milei on this flying visit. That wasn't the only snub. The day before, Trump had unveiled his 'liberation day' tariffs – and there was no exemption for Argentina from the 10pc worldwide hit. Today, Trump's Aug 1 trade-deal-or-tariff deadline is looming and there is not yet any sign of any agreement with Milei that might ease the pain for Argentina's soy and beef exporters. By contrast, in early May several Chinese officials visited Buenos Aires to sign a deal to buy $900m of Argentine soybeans, corn and vegetable oil. The White House did reportedly help Argentina to secure a new $20bn loan programme from the International Monetary Fund in April. Mauricio Claver-Carone, Trump's special envoy for Latin America, said he hoped this might supplant the Chinese currency swap agreed at almost the same time. 'What we would like to see, eventually, is the end of the famous line of credit Argentina has with China,' he said. 'That line of credit is extortionate, and as long as they maintain that line of credit, China will always be able to extort.' Beijing shot back. 'Fair-minded people are able to tell who is extorting and coercing others and making trouble,' said Chinese foreign ministry spokesman Lin Jian. Balancing act Milei will probably try to keep the two superpowers in some kind of balance. But both will be looking to use carrots and sticks to tip favour their way. China seems to be making most of the running right now, and has ambitions to get further ahead of Trump. A Chinese official told the Argentine newspaper Clarin earlier this year: 'We're doing well, but not as well as we'd like'. If Beijing is appealing to Milei's pragmatism, Washington can count on his passion. His friendship and ideological affinity with Trump will likely stop the scales from tipping too far towards China. 'Milei sees himself clearly as a global leader figure in a Right-wing, pro-West, pro-market movement. And his alignment with Trump is a big part of that identity – it makes him feel part of something bigger,' Binetti says. 'You'd think that given Milei's symbolic role in some Trumpist circles in the US, he would get a little bit more leeway.' If Milei's rapprochement with the Chinese continues to deepen, he might end up testing just how far that leeway extends.
Reuters
6 hours ago
- Reuters
US lovers of Amazon berry açaí to feel tariff pinch
NEW YORK, July 27 (Reuters) - Bowls and smoothies made of the Amazon berry açaí have become ubiquitous, opens new tab in many cities across the United States, but consumers may think twice about shelling out after August 1 when a 50% tariff on imports from Brazil kicks in. Nearly all of the açaí pulp sold in the U.S., as well as in Europe and Asia, where people have also developed a taste for the tangy fruit, comes from Brazil. If no trade deal is reached between the Trump administration and the Brazilian government, the bowls could cost significantly more at hundreds of shops from New York to Los Angeles. "People already complain a bit about the price. If it gets more expensive, I guess it will become more of a luxury thing," said Ashley Ibarra, who manages a Midtown Manhattan store owned by Playa Bowls LLC, a New Jersey-based company with around 300 shops in the U.S. With toppings like banana and granola, a bowl of açaí costs around $18 at Playa Bowls in New York. Competitor Oakberry Inc., the world's largest açaí chain with 700 stores in 35 countries, sells a smaller portion at a nearby Manhattan store for $13. Playa Bowls declined to comment on the tariffs, and Oakberry did not respond to a request for comment. Açaí companies tout the product as an energy booster, a powerful antioxidant and a source of Omega-3 and other nutrients. The Food and Drug Administration said more research is needed to evaluate its possible health benefits. "A friend introduced me to it one day, and I loved it, so I occasionally buy it," said Milan Shek, 50, who was having an açaí bowl mixed with cereals and fresh fruits one recent afternoon in New York. With a large markup, he said he would probably eat it less often. Brazil's production and exports of açaí have skyrocketed in recent years. The berry went from being a local delicacy in small towns in the state of Para where it is mostly grown, to a widely popular treat across Brazil. Soon, exports began to be sent to other countries. Production increased from around 150,000 metric tons ten years ago to nearly 2 million tons last year, according to data from Brazil's statistics agency IBGE and the governments of Para and Amazonas. The U.S. is the largest foreign buyer, followed by Europe and Japan. Nazareno Alves da Silva, head of the Amazon Açaí Producers Association in Para, said companies were calculating how to absorb such a large cost increase in order to continue exports to the U.S. He wasn't optimistic. "Right now, we still don't know how to do it. The numbers don't match," he said. The trade would get too expensive for many U.S. importers, while Brazilian producers would be unable to cut prices enough to accommodate the tariff, he said, adding that producers would likely have to find other markets. Even those without an açaí habit are likely to feel the pinch of the Trump administration's tariffs on Brazil. The South American country supplies about a third of the coffee consumed in the U.S., as well as orange juice and beef.
Reuters
a day ago
- Reuters
Union Pacific could reach agreement to acquire Norfolk southern early next week, Bloomberg News reports
July 26 (Reuters) - Union Pacific (UNP.N), opens new tab, the largest U.S. railroad operator, could reach an agreement to acquire rival Norfolk Southern (NSC.N), opens new tab as soon as early next week, Bloomberg News reported on Friday, citing people familiar with the matter. Union Pacific had said on Thursday it is in advanced talks to acquire its rival, signaling that a deal to form a $200 billion coast-to-coast rail company could be close - and potentially trigger further consolidation among remaining freight rail giants. Reuters could not immediately verify the report.
