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Cosan’s Lubricant Unit Moove Files Confidentially for US IPO

An employee pours an oil based lubricant into a measuring jug at Rock Oil Ltd.'s factory in Warrington, U.K., on Monday, March 13, 2017. (Chris Ratcliffe/Bloomberg)

(Bloomberg) -- Moove Lubricants Holdings, a unit of Brazil conglomerate Cosan SA, has filed confidentially for an initial public offering.

The company has filed a draft registration statement with the US Securities and Exchange Commission, Cosan said in a Brazil regulatory filing. The amount of shares to be offered and the price range is yet to be determined.  

Moove is working with Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. to go public, Bloomberg News reported last month. 

While Cosan owns about 70% of Moove, buyout fund CVC Capital Partners Plc has a 30% stake. Moove produces, sells and distributes lubricants and greases to various industries, according to its website. The firm previously said it is one of the largest producers and distributors of lubricants and basic oils in South America, Europe and the US.

Cosan is controlled by Brazilian billionaire Rubens Ometto, and its businesses include a joint venture with Shell Plc and the South American country’s largest independent railway operator.

Shares of Cosan opened 1.6% higher in Sao Paulo Wednesday. 

--With assistance from Rachel Gamarski.

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