Ometto seeks $150 million loan to support Cosan

By Brazil Stock Guide – Rubens Ometto, founder of Cosan SA (CSAN3.SA), is negotiating a 750 million reais ($150 million) loan with Banco Bradesco SA (BBDC4.SA) to reinforce his holding company’s finances, according to people familiar with the matter. The financing, under discussion through his family office Aguassanta Participações, could be backed by Cosan shares, the sources said.

The talks come after a series of unsuccessful bets strained the group’s balance sheet. Cosan’s minority stake in Vale SA (VALE3.SA) quickly soured, while Raízen SA (RAIZ4.SA), its sugar and ethanol joint venture, saw debt balloon following an ambitious but underperforming expansion plan, according to InvestNews.

Earlier this month, Cosan unveiled plans to raise as much as 10 billion reais through a share sale to reduce leverage. The deal attracted heavyweight investors: BTG Pactual Holding SA (BPAC11.SA) and BTG Asset Management, tied to billionaire André Esteves, will inject 4.5 billion reais, while Perfin Infra will add another 2 billion reais. Aguassanta itself is expected to commit 750 million reais to the capital increase.

According to S&P Global Ratings, Ometto’s economic stake in Cosan will fall from 36.02% to 21.3%. Still, Aguassanta will retain control with 50.01% of voting rights and five out of nine board seats, leaving the remaining seats to BTG and Perfin nominees.

The capital raise requires approval by a simple majority of Cosan shareholders and is expected to close by November 2025. Neither Bradesco nor Aguassanta commented on the negotiations, InvestNews reported.