M&A: Brazil
Key Facts
—Total restructured. A São Paulo court made Raízen’s R$61.4 billion debt overhaul binding on all covered creditors, homologating the plan on July 30, 2026.
—New shares. Shell alone will subscribe 14 billion new common shares at R$0.25 each; combined with creditors’ debt-for-equity swap, analysts estimate over 100 billion new shares could ultimately be issued.
—Shell/Cosan post-stake. The two founders’ combined 88% control bloc is projected to shrink toward roughly 17%-30%, as creditors take an estimated 83% of total capital.
