Shell-Cosan Venture Explores Aviation-Fuel Asset Sale
Raizen SA, Brazil's biggest producer of ethanol, is exploring the sale of its aviation fuel distribution business in a bid to slash its debt load, according to people familiar with the matter.
The company, owned by Shell Plc and Cosan SA, is working with Bank of America Corp. as it weighs a possible transaction, said the people, asking not to be named as the information isn't public. The business is estimated to be valued at as much as $200 million, one of the people said. Shares of Raizen extended gains following the news and closed 5.2% higher in Sao Paulo on Thursday.
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