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Petrobras, Cosan May Partner Up
Last Friday Cosan Ltd. (CZZ - Analyst Report) shares went up more than 20% bsed on a statement from the chairman of Petrobras Biocombustiveis, a subsidiary of Petrobras (PBR - Analyst Report), that the Brazilian state-owned giant oil company would be considering some kind of partnership with local ethanol producers. There were even some rumors that Petrobras would be considering an acquisition of Cosan.
We believe that an acquisition is not likely, even though it is not impossible either. However some kind of partnership between Petrobras Biocombustiveis and Brazilian ethanol producers is quite likely, and is a step ahead on our basic scenario for this industry, which includes higher investments, increasing production and lower import barriers in the U.S. market.
The statement of the Chairman of Petrobras Biocombustiveis only reinforces our positive view on Cosan. We continue to rate the stock a Buy.
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| Market Summary | Feb 10, 2010 08:35 am ET |
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