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Brazil Sugar King Moves Closer to Gaining Railway Control

The tycoon who built the world’s biggest sugar-cane operation by buying mills in Brazil is about to dominate rail freight transport in the country.

Cosan, the sugar maker controlled by billionaire Rubens Ometto, won approval from ALL-America Latina Logistica SA controlling shareholders to buy the train operator for about $3 billion in an all-stock deal, ALL-Logistica said in a filing yesterday. Shares gained as much as 5.6 percent today.