Cosan's Ometto in Talks for $141 Million Loan to Maintain Control

Cosan SA's controlling shareholder, Rubens Ometto, is in talks with Banco Bradesco SA to borrow up to $141 million to participate in the company's capital increase and maintain control of his conglomerate. The loan would be backed by Cosan shares as collateral, and Ometto is also considering other financing options. The capital increase aims to reduce debt leverage and bring in new investors.

Cosan SA's controlling shareholder, Rubens Ometto, is in talks with Banco Bradesco SA to secure a loan of up to $141 million to participate in the company's capital increase. The loan, which could be as much as 750 million reais, is being discussed to prevent a significant dilution of Ometto's family's stake in the conglomerate Ometto in Talks for $141 Million Loan for Cosan Capital ...^[1]. The loan discussions highlight the financial strain Ometto is under to maintain control of Cosan after a series of unsuccessful investments, including a minority stake in miner Vale SA and an expansion plan for Raízen SA that increased the company's debt Ometto in Talks for $141 Million Loan for Cosan Capital Increase^[2].

The loan to Aguassanta Participações SA, Ometto's family office, could be backed by Cosan's shares as collateral. This move is part of a broader effort to reduce the company's debt leverage and bring in new investors. Cosan announced a deal on September 21 to raise up to 10 billion reais in a public equity offering, which includes 750 million reais from Ometto's family office. The deal aims to reduce debt and dilute Ometto's financial stake but allow him to retain controlling rights through Aguassanta Cosan SA (CSAN) Bleeds Heavily on 2-Billion Share Sale^[3].

The capital increase is expected to be completed by November, pending approval at Cosan's shareholders' meeting. BTG Pactual Holding and Perfin Infra Fund are anchoring the transaction, investing 4.5 billion reais and 2 billion reais, respectively. The deal includes additional offerings of up to 2.75 billion reais. Under the proposed capital increase, Ometto's economic stake in Cosan will be diluted from 36.02% to 21.3%, but Aguassanta will retain 50.01% of the voting rights and five of the nine board seats Cosan Reaches Deal to Raise Nearly $2 Billion to Aid Finances^[4].

Cosan's shares have been volatile, with a decline of 6.5% year-to-date as of September 12, 2025, trailing the Ibovespa index's 21% gain. The company is facing high interest rates, lower profits from its sugar and ethanol business, and debt issues stemming from its investment in Vale SA Cosan Reaches Deal to Raise Nearly $2 Billion to Aid Finances^[4].