{"id":94354,"date":"2025-05-30T15:01:45","date_gmt":"2025-05-30T18:01:45","guid":{"rendered":"https:\/\/murray.adv.br\/?p=94354"},"modified":"2025-05-30T15:01:45","modified_gmt":"2025-05-30T18:01:45","slug":"high-interest-rates-make-investment-unviable-ometto-says","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/high-interest-rates-make-investment-unviable-ometto-says\/","title":{"rendered":"High interest rates make investment unviable, Ometto says"},"content":{"rendered":"
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Cosan\u2019s owner says restructuring process at Ra\u00edzen, the company\u2019s joint venture with Shell, is underway to reduce debt<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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05\/30\/2025\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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Rubens Ometto Silveira Mello, founder of the Cosan group, said the restructuring process at Ra\u00edzen, the company\u2019s joint venture with Shell, is underway to reduce debt, and results should become visible in the coming months. The plan includes the sale of non-strategic assets to allow the company to focus on fuel distribution, sugar and ethanol production, and power cogeneration.<\/p>\n<\/div>\n

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Mr. Ometto also mentions Cosan\u2019s loss in its investment in Vale, a personal project of his to engage in the management of one of the world\u2019s largest mining companies. \u201cWhat hurt the most was that it was a personal endeavor. Vale is a fantastic company, a national pride. I had a lot to contribute.\u201d<\/p>\n<\/div>\n

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According to Mr. Ometto, the current interest rate level of 14.75% makes investments unviable. Cosan has an ongoing capex plan of R$10 billion to R$12 billion for the year. \u201cIf interest rates don\u2019t come down, we will hold back on investments,\u201d he warned.<\/p>\n<\/div>\n

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Although he was critical of the government\u2019s economic policy last year, Mr. Ometto said his relationship with President Lula \u201chas always been very good.\u201d \u201cMy criticism is intended to contribute to what\u2019s best for the country. Lula is a consensus builder and will manage to align everyone\u2019s ideas.\u201d Read below the main excerpts from the interview with Valor:<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0How is Cosan\u2019s restructuring process being conducted?<\/em><\/p>\n<\/div>\n

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Rubens Ometto:<\/strong>\u00a0The group is doing very well in the lubricants business (Moove), in logistics and railways (Rumo), in gas (Compass), and in land assets (Radar). In Ra\u00edzen\u2019s case, we are focused on correcting mistakes we made. We got distracted, and [the company] went down the wrong path.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0What distractions?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0Ra\u00edzen invested heavily in second-generation ethanol, acquired Biosev, and bought a fuel distribution refinery in Argentina. That increased leverage significantly. And with today\u2019s high interest rates, this leverage greatly impacts Ra\u00edzen\u2019s balance sheet, and consequently, Cosan\u2019s.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0What measures are being taken?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0We are executing a turnaround. We replaced the entire executive board and brought in our best talents: Nelson Gomes [now CEO], Rafael Bergman [CFO and head of investor relations], and Leonardo Gadotti [vice president of mobility]. With this excellent team, results will follow soon. We are studying ways to address the company\u2019s financial structure.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0What does the solution involve?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0First, we are overhauling governance and improving workforce productivity. There was a lot of redundant work, and that is now being reorganized. Ra\u00edzen had expanded into many areas, such as trading and electricity. We are refocusing on fuel distribution under the Shell brand and on sugar and ethanol production, along with power cogeneration. We are streamlining the company. As part of this strategic plan, we will divest non-core assets. That\u2019s the focus.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0Is the group moving away from its M&A-driven DNA?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0No, it\u2019s the same. But today, with interest rates at 15%, M&A and asset purchases are unfeasible. Regardless of anything else, you have to be rational about where to invest. You can\u2019t justify paying 15% interest; nothing yields a return over that. So, for now, we\u2019ve paused, because it doesn\u2019t make financial sense.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0Part of the current leverage is attributed to the Vale investment.<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0We got into trouble with the Vale deal. It was a personal investment project, and it hurt deeply. Not just because of the interest rates, the entire business became unviable. Cosan lost money. What hurt the most was that it was a personal endeavor. Vale is a fantastic company, a national pride. I had a lot to contribute, but I was blocked.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0How?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0The shareholders were mostly from the financial sector. None had an entrepreneurial or industrial background, which is our expertise. There were top-tier investors, like Bradesco, Mitsui, a small government share through Previ, and other silent partners. I thought there was room to do a lot. I believe we made contributions, especially in governance ideas. But I had to step back, because there\u2019s no way to sustain that kind of financial equation with 15% annual interest rates.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0There was also controversy around the choice of president.<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0I prefer not to discuss that.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0How have high interest rates impacted the group\u2019s businesses?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0All our businesses are well-structured, with leverage below 2, except for Ra\u00edzen, which is around 3. Cosan can manage itself with the dividends it receives from its subsidiaries.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0How is the U.S.-China trade war affecting the group?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0First, I think this trade dispute is absurd. But for our businesses, it\u2019s actually beneficial.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0Why is that?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0In agribusiness, Brazil is highly valued. The U.S. imposes tariffs on China, so China buys from Brazil instead. Rumo\u2019s trains are overloaded. It generates huge demand. Agribusiness as a whole benefits.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0How do you and your industry peers view the macroeconomic outlook?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0Everyone sees that interest rates must come down. No one thinks taxes should be increased. Fiscal balance is necessary. Those in government who have access to all the data must find a solution. Without fiscal discipline, interest rates won\u2019t drop. I believe that\u2019s what the government is working on. If rates come down in a technically sound way, the country will boom.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0You have been vocal with criticisms of economic policy. What\u2019s your current assessment?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0My relationship with the president has always been very good. I respect him a lot. Of course, honest relationships sometimes involve disagreements. And all my criticisms are meant to contribute to what\u2019s best for the country. Lula is highly experienced. He has the ability to do a good job. He is a consensus builder and will manage to align everyone\u2019s ideas.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0What are the critical issues?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0He has the ability to do a good job, and I hope he succeeds. But Brazil\u2019s problems aren\u2019t solely up to him. There\u2019s judicial instability. It\u2019s improving, but the judiciary tends to overreach into the legislative and executive branches. Each institution\u2019s boundaries must be clearly defined. Public security is another issue.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0What\u2019s your view on that?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0Crime and militia activity are growing. They are even trying to infiltrate the legislative branch. We also suffer from widespread tax evasion. That\u2019s why we are pushing Congress to pass the bill targeting habitual tax evaders. It\u2019s unfair competition. Regulatory agencies must be active and technical to prevent this. Of course, companies may occasionally struggle to pay taxes, but when evasion becomes a business model, that\u2019s unacceptable.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0The habitual tax evader bill has been on the industry\u2019s agenda for a while.<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0It\u2019s not just our sector. In fuel alone, tax evasion reaches almost R$20 billion. If you add cigarettes, beverages, and food, total evasion in Brazil amounts to R$120 billion to R$150 billion annually. That would practically solve the fiscal deficit.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0Is there progress on this agenda?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0The bill is set for a Senate vote. I hope it gets approved in June. Then it will move to the Lower House. It\u2019s crucial not just for our sector but for Brazil as a whole.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0Are lawmakers receptive?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0There\u2019s controversy, of course\u2014some are in favor, some are against. However, I see broad societal support. I will speak with Lula. We maintain a relationship of respect and dialogue.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0How would you define your current relationship with the government and President Lula after last year\u2019s criticisms?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0I\u2019m not a politician. I\u2019m a businessman, a Brazilian, a patriot. I express my views, sometimes too openly for a businessman. But that\u2019s my nature. My criticism is not personal or partisan. We made major investments during Lula\u2019s first and second terms, as well as during Dilma\u2019s government, and we are investing now under his current administration. Our capex is about R$10 billion to R$12 billion per year. It\u2019s enormous. In railways alone, we\u2019re spending R$6 billion. I would invest even more if interest rates weren\u2019t so high. We must solve the financial equation.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0Is Cosan considering reducing investments?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0If rates don\u2019t come down, we will hold back on investments. We\u2019re completing projects already underway. But starting new investments doesn\u2019t make sense. Why work like crazy, hire people, and fight for returns when you can earn 15% by doing nothing, sitting in air conditioning? Paying interest doesn\u2019t wait for weekends or holidays.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0Do you have any specific agenda to discuss with the government?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0No. All our investments are financed through the market. Some have BNDES support, following the bank\u2019s technical rules.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0How is your relationship with the economic team?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0We speak often by phone. A good time to catch [Finance Minister Fernando] Haddad is on Sundays, when he\u2019s in S\u00e3o Paulo. I also have a good relationship with [Aloizio] Mercadante [head of Brazilian Development Bank, BNDES] and [Alexandre] Silveira [minister of mines and energy]. I get along well with all of them.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0Even after the harsh criticisms?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0They weren\u2019t harsh; they were disagreements. I agree that I may have been a bit too eloquent.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0Do you think the situation has improved compared to last year?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0Things are calming down. Take the controversy over the IOF [Tax on Financial Transactions], for example. It was rushed, not properly discussed, and people are rightly complaining because it raises financial costs even more.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0So, you\u2019re against the tax increase?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0Yes, I\u2019m against it. But I recognize the government is trying to find solutions. It\u2019s hard to give advice without seeing the full picture. They are working hard to figure it out. Lula has always been capable of building consensus and listening to different viewpoints. That\u2019s a strength.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0How do you see the outlook for 2026?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0I think we\u2019ll see polarization again.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0You don\u2019t believe in a third way?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0It\u2019s possible, but it\u2019s tough. The forces will likely be split; one side with the Workers\u2019 Party and the other with [Jair] Bolsonaro or whoever he endorses.<\/p>\n<\/div>\n

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Valor:<\/strong>\u00a0You\u2019re one of the biggest campaign donors. How do you choose whom to support?<\/em><\/p>\n<\/div>\n

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Mr. Ometto:<\/strong>\u00a0We support candidates whose views align with ours and who can have an influence on the political landscape.<\/p>\n

*By\u00a0M\u00f4nica Scaramuzzo\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Cosan\u2019s owner says restructuring process at Ra\u00edzen, the company\u2019s joint venture with Shell, is underway to reduce debt 05\/30\/2025\u00a0 Rubens Ometto Silveira Mello, founder of the Cosan group, said the restructuring process at Ra\u00edzen, the company\u2019s joint venture with Shell, is underway to reduce debt, and results should become visible in the coming months. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[19447,26133],"class_list":["post-94354","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-high-interest-rates","tag-investment-unviable"],"yoast_head":"\nHigh interest rates make investment unviable, Ometto says - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/high-interest-rates-make-investment-unviable-ometto-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High interest rates make investment unviable, Ometto says - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Cosan\u2019s owner says restructuring process at Ra\u00edzen, the company\u2019s joint venture with Shell, is underway to reduce debt 05\/30\/2025\u00a0 Rubens Ometto Silveira Mello, founder of the Cosan group, said the restructuring process at Ra\u00edzen, the company\u2019s joint venture with Shell, is underway to reduce debt, and results should become visible in the coming months. 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