Cosan, owner of Rumo, is considering selling a stake in the company to reduce debt

Em Ponto interviews Luis Henrique Guimarães, CEO of Cosan
Cosan, owner or partner of companies such as Raízen and Compass, reported this Monday (29) that it is considering selling a stake it owns in the logistics company Rumo.
The operation is still in its initial phase, and the company emphasizes that it has not made any decision on carrying out the transaction or on the format of a possible deal.
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The company also confirmed the hiring of BTG Pactual as a financial advisor. According to Cosan, the analysis is part of its strategy to reduce debt and optimize its capital structure.
What is Cosan's objective with the sale?
Cosan
Disclosure
Cosan's main objective is to reduce its debt. In the last balance sheet, the holding company recorded an expanded debt of R$11.5 billion and a loss of R$1.583 billion. If it manages to strengthen its financial situation, the company could benefit its business in the long term.
If it sells its 20.33% stake in Rumo, Cosan would transform part of one of its most valuable assets into cash. With the resources obtained, you will be able to pay off part of the debt, reduce interest expenses and strengthen your capital structure.
However, everything will depend on the size of the stake sold. If it negotiates only part of the stake and remains the main shareholder or maintains control through corporate agreements, Cosan will be able to continue influencing Rumo's management.
The possibility of sale is already having repercussions on the financial market. Citi resumed coverage of Cosan with a neutral recommendation and target price of R$4.50 for the shares, which represents an appreciation potential of 19.58%.
In the bank's assessment, the company has advanced its debt reduction strategy with the possible sale of assets. This Monday, Cosan (CSAN3) shares fell 2.39%.

Source: G1