October 21, 2016 / 2:47 PM / 2 years ago

BRIEF-Brazil's Cosan, Shell negotiate new Raizen ownership deal - paper

SAO PAULO, Oct 21 (Reuters) - Brazil’s Cosan SA and Royal-Dutch Shell are in advanced talks to define the ownership of their joint venture Raizen formed in 2011, according to a story published in the Valor Economico newspaper on Friday

* A new accord between the two stakeholders of the 50-50 joint venture Raizen has not be formalized

* Cosan did not comment on the report and Shell is in its quiet period ahead of earnings, the paper said

* The current accord between the parners gives both sides the right to buyout the other after the 10th and 15th year from the formation of Raizen

* But the companies are interested in closing a new deal that will more clearly define the terms and ownership stakes of Raizen going forward

* The paper did not name its sources for the story

* It said both sides were in agreement of the eventual ownership breakdown of the company but were merely defining how it would be run under the new agreement

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