Extract from a Bloomberg News article by Gerson Freitas Jr. published 1 July 2014
Cosan SA (CSAN3), which controls top producer Raizen Energia SA in a joint venture with Royal Dutch Shell Plc, is cutting investments in sugar cane amid a global glut of the sweetener and Brazilian government policies that hold down the price of ethanol, Chief Financial Officer Marcelo Martins said in an interview. Returns on capital from the company’s sugar and ethanol operations have plunged to below 10 percent, he said. Cosan is hunkering down in the industry where it began as it carries out a four-year expansion into gasoline and natural-gas distribution, service stations and railroads.
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