Overview
- The binding proposal covers the Dock Sud refinery and a Shell-branded retail network reported at roughly 700 to nearly 900 service stations.
- Sources close to the process say the bid is the frontrunner and could close within days if Raízen accepts the price, though the seller can still reject it.
- Market reports indicate only two active offers remain: the Mercuria–Manzano–Vila consortium and Compañía General de Combustibles, with earlier suitors stepping back.
- If approved, the buyer would become a leading fuel marketer with an estimated 17%–22% share and gain integration from Vaca Muerta production to retail through Phoenix Global Resources.
- The sale effort follows a JP Morgan asset review as Cosan and Raízen move to reduce leverage after weak results in Brazil and after investing US$715 million in Dock Sud modernization from 2020 to 2023.