Feb. 24 (Bloomberg) -- Cosan SA Industria & Comercio’s offer to join control of ALL America Latina Logistica SA may be hindered by shareholders that didn’t take part in negotiations and are holding talks with other bidders, Valor Economico reported, without saying how it got the information
Cosan will meet next week with controlling shareholders of the railroad operator who didn’t discuss its bid, the Sao Paulo-based newspaper said. Some of the shareholders, who have the right to block the sugar and ethanol maker’s offer, have already held talks with other potential buyers of their stakes, Valor said.
Cosan agreed to buy 5.6 percent of ALL, or 49.1 percent of the controlling block, from ALL board member Ricardo Arduni, his wife Julia Dora Arduni and Chairman Wilson de Lara’s Global Markets Investments, the newspaper said. The government’s BNDES development bank and the Previ, Funcef and Petros pension funds of state-run companies are among other controlling shareholders, Valor said.
An outside firm representing Cosan said it couldn’t immediately comment in an e-mailed response to questions.
ALL is Latin America’s largest railroad company. Cosan jointly controls the world’s largest sugar-cane processor with Royal Dutch Shell Plc.
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