- Cosan's corporate restructuring has simplified the ownership structure, and U.S. shareholders can still participate through the CSAN ADS.
- Cosan's acquisition of Biosev was opportunistic and savvy, adding quality assets at a great price.
- Management has been frustrated in other recent M&A attempts (largely various Petrobras assets), but I absolutely expect more M&A in the future.
- Cosan shares look more or less fairly-valued now, but still priced for a long-term total annualized return in the 8-12% range and leveraged to growth in Brazil's economy.
For further details see:
Cosan Leveraged To Higher Sugar Prices, Recovering Fuel Demand In Brazil, And Aggressive 'Self-Help'