January 29, 2015 / 12:15 PM / 5 years ago

Cosan delays spinoff, ends bond deal amid tough market conditions

SAO PAULO, Jan 29 (Reuters) - Cosan Ltd, one of Brazil’s largest biofuel producers, on Thursday announced the end of a plan to repurchase perpetual debt and delayed the planned spinoff of its fuel distribution unit, citing challenging market conditions.

In a securities filing, Cosan pledged to separate the unit and list it on the São Paulo Stock Exchange’s Novo Mercado chapter, which has the highest corporate governance standards.

Cosan is controlled by agribusiness tycoon Rubens Ometto and his family. (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn)

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