By Lucia Kassai and Andrew Herndon – Jun 2, 2011 8:38 PM GMT+0100
Cosan SA Industria & Comercio rose the most in a week after it transferring $3.3 billion in debt to a joint venture with Royal Dutch Shell Plc (RDSA), more than previously announced.
Cosan rose 93 Brazilian centavos, or 4 percent, to 24.06 reais at 4:34 p.m. in Sao Paulo trading, the most since May 25. Shells Class A shares fell 1.7 percent in London to close at 2,122 pence.
Cosan shifted about 5.24 billion reais ($3.3 billion) in net debt to the Raizen venture, the Barra Bonita, Brazil-based company said today in a regulatory filing. Thats more than the $2.8 billion in debt it said in August that would transfer to the new company, which was formally created today.