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Brazil: Cosan loses US$1 billion in market value

On Monday, October 10, the market maintained skepticism about purchasing a stake in Vale that Cosan announced on Friday.

At Monday's closing, shares fell 7.51%, quoted at R$15.40 (US$2.97).

In two days, the papers fell 15.57%. The company lost R$5.3 billion (US$1 billion) in market value since the close of Thursday, October 6, when they were worth R$18.24.

With a combination of direct purchase of shares and derivatives, Cosan can reach 6.5% of the mining company's capital, equivalent to an investment of R$22 billion, assuming . . .

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