Brazilian Energy company, Vibra, has initiated discussions with conglomerate Cosan (CSAN3.SA) to acquire Cosan’s lubricants division, Moove. The company has opened a new tab on the matter.

According to the Brazil Journal, the discussions were initiated by a minority shareholder, European private equity firm CVC Capital Partners (CVC.AS), which expressed interest in selling its stake.

Additionally, Vibra has expressed interest in purchasing the entire company.

Nevertheless, negotiations were halted, as it was stated that controlling shareholder and chairman Rubens Ometto, according to a source, has no intention of selling his stake.
A proposed initial public offering (IPO) for Moove in the United States was canceled by Cosan last year.

Cosan stated in a securities filing that there was no agreement, commitment, or document signed for a transaction, and that any discussions held by the company are non-binding.

Additionally, Cosan disclosed that it has been approached by a variety of market participants regarding prospective alternatives involving its assets.

Vibra stated in a separate filing that it is a routine aspect of its operations to evaluate business opportunities. However, it also stated that no binding document, commitment, or agreement was executed.

Moove declined to provide a comment. CVC did not immediately respond to requests for comment outside of regular business hours.