Brazil's Cosan sells $326 mln in Radar shares to TIAA

viernes 30 de septiembre de 2016 20:08 GYT
 

SAO PAULO, Sept 30 (Reuters) - Cosan SA Indústria e Comércio, an energy and agriculture company in Brazil, agreed to sell 1.065 billion reais ($326 million) in shares of its Radar subsidiary to an investment vehicle owned by pension fund Teachers Insurance and Annuity Association of America (TIAA), said a Cosan securities filing on Friday.

Radar is an agricultural land management company, holding some 280,000 hectares in farms in eight Brazilian states.

Cosan, which is a leading sugar and ethanol producer through its joint venture Raízen with Royal Dutch Shell Plc, said it signed the deal with Mansilla Participações Ltda, a TIAA investment vehicle.

The Brazilian company did not say how many shares were included in the deal or the resulting stake Mansilla would hold. The deal is subject to regulatory approvals in Brazil.

(Reporting by Marcelo Teixeira; Editing by Lisa Shumaker)