Actionable Opportunities in Special Situations: Spinoffs, Bankruptcy, Restructurings

Spin-Off

Cosan $CZZ Will Spinoff Logistics Unit After Pending Merger

Cosan Ltd (CZZ), which operates the world’s biggest sugar-cane processor, offered to buy railroad operator ALL-America Latina Logistica SA (ALLL3.SA) for $3 billion in an all-stock deal. Under the terms of the offer, Cosan will merge its Rumo unit with ALL and later split into an energy unit and a logistics company, both of which will be publicly traded. Cosan Ltd. (CZZ) will be the parent of both.

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