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Sugarcane Billionaire Ometto Plows Into Mining With Vale Bet

  • Cosan buys 5% stake, becomes key minority shareholder
  • Rubens Ometto’s conglomerate is seeking to boost stake further
Rubens Ometto

Rubens Ometto

Photographer: Patricia Monteiro/Bloomberg

Cosan SA, the conglomerate controlled by Brazilian billionaire Rubens Ometto, is amping up its mining bet, becoming a key minority shareholder in the world’s second-largest iron-ore producer. 

Cosan, which has operations ranging from fuel to logistics, scooped up about 5% of Vale SA’s voting stock and is seeking permission from Brazil’s antitrust watchdog to boost the stake to as much as 6.5%, according to a company statement. All told, it would mean purchasing about 23 billion reais ($4.4 billion) in Vale stock based on current prices.