Cosan S.A. (CSAN)

Cosan S.A. is a Brazilian holding company headquartered in São Paulo. Its origins trace to 1936, when it began as a sugar-producing business in the state of São Paulo, and over the following decades it grew into one of Brazil's largest sugar and ethanol producers. Over time the company shifted from being a pure agricultural processor into a diversified holding company with stakes in energy, fuels, natural gas, lubricants and logistics infrastructure.

Cosan listed its American depositary shares on the New York Stock Exchange in 2007, alongside its common shares on the Novo Mercado segment of the B3 exchange in São Paulo. Each ADS represented four common shares. The U.S. listing gave international investors direct access to a company whose earnings were tied to Brazilian fuel demand, agricultural commodities and infrastructure assets.

The group's structure expanded through a series of transactions. In 2011 Cosan combined its fuel distribution and sugar and ethanol operations with those of Shell in Brazil to form the joint venture Raízen, which distributes fuels under the Shell brand, operates refining and convenience-store activities and produces sugar and ethanol. Cosan also held interests in Rumo, a railway and port-logistics operator that moves grains, sugar and other commodities; Compass, a natural gas distribution and energy business; and Moove, a producer and distributor of lubricants, including Mobil-branded products. A land-management business and a climate technology investment arm completed the portfolio.

In August 2026 Cosan informed the NYSE of its intention to voluntarily delist the ADSs. The board of directors approved the decision on August 14, 2026, and the company confirmed the plan in a material fact notice dated August 18, 2026. Cosan stated that the goal was to streamline its capital structure, which it expected to reduce costs and allow greater focus on its most strategic businesses. It noted that most trading in its shares already took place on B3.

The company indicated that it would file a Form 25 with the U.S. Securities and Exchange Commission on or about September 8, 2026, and estimated that the last NYSE trading day for the ADSs would be September 18, 2026, subject to the progress of each step. The SEC filing date in our records is consistent with that timeline. Cosan did not arrange a replacement listing or quotation for the ADSs on another exchange or over-the-counter market.

Cosan stated that the NYSE delisting would not by itself end its reporting obligations: it intended to remain registered under the Securities Exchange Act of 1934 and continue to file reports as a foreign private issuer. Its common shares continue to trade on B3 under the ticker CSAN3. Holders of ADSs were left to rely on the depositary arrangements and the home-market listing for liquidity.