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Thursday, January 29, 2015

Cosan delays spinoff, ends bond deal amid tough market conditions, (NYSE: CZZ)

Cosan Ltd, one of Brazil's largest biofuel producers, on Thursday announced the end of a plan to repurchase perpetual debt and delayed the planned spinoff of its fuel distribution unit, citing challenging market conditions. In a securities filing, Cosan pledged to separate the unit and list it on the S�o Paulo Stock Exchange's Novo Mercado chapter, which has the highest corporate governance standards.

Cosan Limited is a Brazil-based holding company primarily engaged in the distribution and commercialization of fuels. Shares of CZZ fell by 1.07% or $-0.08/share to $7.41. In the past year, the shares have traded as low as $6.06 and as high as $14.79. On average, 1754030 shares of CZZ exchange hands on a given day and today's volume is recorded at 1577185.