Sao Paulo, April 3 - Cosan Limited, the holding of Brazil's largest sugar and ethanol group Cosan SA, said Thursday that it asked for the Brazilian Securities and Exchange Commission, or CVM, for authorization to postpone its public tender offer to May 12 from April 14.
In March, the company announced a voluntary public tender offer, proposing a share swap from its local subsidiary, Cosan SA, to the international holding Cosan Limited.
Cosan said that it asked for the postponement due to the current volatility on the capital markets and also because of many solicitations by its shareholders.
The company is proposing to swap all existing shares in Cosan SA in order to delist the company's shares from the local exchange.
Each share in Cosan SA will be swapped for one Brazilian Depositary Receipt or stock in the Bermuda-registered Cosan Ltd.