SAO PAULO (Reuters) -Brazilian fuel retailer Vibra began talks with Brazilian conglomerate Cosan to buy Cosan’s lubricants arm, Moove, local news outlet Brazil Journal reported on Thursday, citing sources familiar with the matter.
The talks were sparked as a minority shareholder, European private equity firm CVC Capital Partners, expressed 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.
Cosan, Vibra, CVC and Moove did not immediately respond to requests for comment outside normal business hours.
(Reporting by Andre Romani; Editing by Brendan O’Boyle and Sarah Morland)
SAO PAULO (Reuters) -Brazilian fuel retailer Vibra began talks with Brazilian conglomerate Cosan to buy Cosan’s lubricants arm, Moove, local news outlet Brazil Journal reported on Thursday, citing sources familiar with the matter.
The talks were sparked as a minority shareholder, European private equity firm CVC Capital Partners, expressed 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.
Cosan, Vibra, CVC and Moove did not immediately respond to requests for comment outside normal business hours.
(Reporting by Andre Romani; Editing by Brendan O’Boyle and Sarah Morland)
Leave feedback about this