Cosan (CZZ) To Buy 16.8% Interest In Comgas From Shell

By Zacks Investment ResearchStock MarketsOct 10, 2017 10:00PM ET

www.investing.com/analysis/article-200218250

Cosan (CZZ) To Buy 16.8% Interest In Comgas From Shell

By Zacks Investment Research | Oct 10, 2017 10:00PM ET

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Cosan Limited’s (NYSE:CZZ) business unit, Cosan S.A. Industria e Comercio yesterday announced that Cosan Limited will buy approximately 16.8% interest in Comgas from Shell (LON:RDSa) Gas B.V, Integral Investments B.V and Shell Brazil Holding B.V. (Shell).

Cosan S.A. operates its business through Raizen Energia, Raizen Combustiveis, Comgas, Moove and Cosan Corporate. Notably, at the end of second-quarter 2017, Cosan S.A. had approximately 63.1% interest in Comgas — dealing in natural gas distribution.

Year to date, Cosan’s American Depository Receipts have yielded 20.1% return, outperforming 12% gain of the industry.

Details of the Deal

As revealed, put option on the shares issued by Comgas has been exercised by Shell. In compliance with Shell’s rights under the put option, Cosan Limited will buy approximately 21.8 million Comgas shares for an estimated value of R$53.05 per share.

In lieu of the shares, Cosan will transfer approximately 20.3 million shares issued by Cosan S.A. to Shell. These shares will represent roughly 5% of the equity capital of Cosan S.A. Additionally, the company will pay U.S. dollar equivalent amounts of R$208.7 million upon closing of the deal and R$214.9 million after a year.

Upon completion of the deal, Cosan will end its shareholders’ agreement, relating to Comgas, with Shell.

Cosan Limited Price and Consensus

Cosan Limited Price and Consensus | Cosan Limited Quote

Zacks Rank & Key Picks

With a market capitalization of approximately $2.4 billion, Cosan presently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the Basic Materials sector include FMC Corporation (NYSE:FMC) , Air Products and Chemicals, Inc. (NYSE:APD) and Monsanto Company (NYSE:MON) . While FMC Corporation sports a Zacks Rank #1 (Strong Buy), both Air Products and Chemicals and Monsanto carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Monsanto’s earnings estimates for fiscal 2018 and fiscal 2019 have been revised upward over the last 60 days. Also, the company delivered an average positive earnings surprise of 244.78% for the last four quarters.

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Cosan (CZZ) To Buy 16.8% Interest In Comgas From Shell

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