EXCLUSIVO: Cosan pode rever ‘poison pill’ da Rumo
A Cosan está analisando retirar o poison pill de 15% da Rumo como parte de conversas com investidores estratégicos interessados em adquirir uma fatia na empresa, fontes a par do assunto disseram ao Brazil Journal . A ação da ferrovia subia 6,3% no final da manhã, com o mercado especulando que as conversas com os investidores voltaram a esquentar.
Cosan is considering removing the poison pill provision of 15% from Rumo as part of discussions with strategic investors interested in acquiring a stake in the company, sources close to the matter told Brazil Journal. Rumo's stock rose 6.3% at the end of the morning, as the market speculated that talks with investors had intensified.
The projected volume for the day remains below the average daily figures over the last 30 and 100 days. Removing the poison pill would allow any significant investor to assemble a position in the company without having to make an offer to the entire market, and also adhere to an shareholders' agreement with Cosan as part of the M&A.
This would increase competition for an asset that sellside considers undervalued. Throughout this year, Grupo Mexico and a consortium comprising Chinese trading firm COFCO and Bunge have been negotiating with Cosan to buy up to 15% of Rumo – but the parties have not reached an agreement. According to sources, the talks were resumed after the second round.
The removal of the poison pill could also bring another strategic player back to the table – Ultrapar, whose chairman Marcos Lutz was the Cosan executive who devised the acquisition of the former ALL and always saw strategic value in the asset. Before the second round, Rumo's stock traded above R$19. It fell to R$14 after Lula's victory and is now near the R$16 level.
Written by urgent.news from Brazil Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
