SAO PAULO (Reuters) -Brazilian fuel retailer Vibra began talks with conglomerate Cosan to buy Cosan’s lubricants arm, Moove, news outlet Brazil Journal reported on Thursday, citing sources familiar with the matter.
The talks were sparked by a minority shareholder, European private equity firm CVC Capital Partners, expressing interest in selling its stake, Brazil Journal said, adding that Vibra has also shown interest in buying 100% of the company.
However, talks stalled, it added, saying that according to a source, controlling shareholder and chairman Rubens Ometto has no interest in selling his stake.
Last year, Cosan scrapped a planned initial public offering (IPO) for Moove in the United States.
In a securities filing, Cosan said there was no agreement, commitment or document signed for a deal, adding that any talks held by the company are non-binding.
Cosan also said that it has been approached by various market participants regarding potential alternatives involving its assets.
In a separate filing, Vibra said weighing business opportunities is part of its regular activities, while also noting that no agreement, commitment or binding document was signed.
Moove declined to comment. CVC did not immediately respond to requests for comment outside normal business hours.
(Reporting by Andre Romani; Editing by Brendan O’Boyle, Sarah Morland and Muralikumar Anantharaman)
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