Brazil’s Cosan SA said on Friday that it had acquired 4.9% of Vale SA’s common shares and that it intends to further increase its stake in the mining company.
The operation represents the entry of Cosan in the iron ore sector, hand in hand with one of the largest mining companies in the world.
In a filing, Cosan said it made the purchase “through a subsidiary and with a combination of direct investment, equity and spin-offs.”
The company will seek approval from Brazil’s antitrust body Cade to increase its stake in Vale to 6.5%.
Until then, Cosan “will be exposed to an additional and exclusively financial position of 1.6% of Vale’s capital through a derivative operation different from the one used for the acquisition,” he said.
Shares of the energy and logistics group fell 7.4% after the announcement of the acquisition.
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