ALL's Board of Directors Approves Proposal for Merger with Rumo
OREANDA-NEWS. COSAN S.A. INDUSTRIA E COMERCIO (BM&FBovespa: CSAN3) informs today the Board of Directors of America Latina Logistica (ALL) has approved of Cosan's subsidiary Rumo's proposal for the merger of activities of ALL and Rumo through a merger of shares issued by ALL into Rumo.
“ALL's Board of Directors' approving of the merger represents one more step in the association of two companies that, together, have great potential for contributing to the development of Brazil's infrastructure,” said Marcos Lutz, CEO, Cosan. “Our goal is to create value through investment and management, democratizing access to railway transportation,” he added.
The next step in the transaction that will combine the activities of both companies is to call an ALL Shareholders General Meeting, to be held in up to 30 days as of this date. At the General Meeting, shareholders will vote on the Stock Merger, according to which the current shareholders of Rumo and ALL will receive shares representing thirty-six point five percent (36.5%) and sixty-three point five percent (63.5%) of the merged company, respectively.
The merger of ALL into Rumo is also conditional upon approval by the Brazilian Antitrust Board (“CADE”), the National Transportation Agency (“ANTT”), and other government agencies, as well as other conditions precedent contained in the proposal made by Rumo on February 24, 2014.