Brazil’s Vibra Energia kicked off discussions with Cosan S.A. over potentially buying its lubricants business Moove, according to a report by the Brazil Journal. The non-binding talks include the possibility of Vibra acquiring either a minority interest or full ownership of the company. No transaction documents have been signed, the report said.
Coasn postponed an initial public offering on the New York Stock Exchange in October 2024 hours before it started. The company blamed “adverse market conditions” and orders from foreign investors being shy of the proposed share price range.
The reported negotiations follow interest from CVC Capital Partners, which has had a 30% stake in Moove since 2024 and is said to be exploring an exit. However, Cosan’s controlling shareholder, Rubens Ometto, is reportedly hesitant to sell.
Cosan confirmed on July 17 that it regularly assesses alternatives for its portfolio and has received interest from various parties, but it emphasized that no deal has been reached. In a statement, Chief Financial and Investor Relations Officer Rodrigo Araujo Alves said that conversations remain preliminary and non-committal. The company said it would disclose any material developments in line with regulatory requirements.
Moove operates in more than 11 countries, with manufacturing sites in the U.S. and the United Kingdom. It markets a range of lubricants including Mobil-branded products under license, Comolube and Liza, and serves both OEM and aftermarket channels.
Vibra Energia, formerly BR Distribuidora, is Brazil’s largest fuel and lubricants distributor from 8,000 fuel retail stations. It has its own lubricants, Lubrax, and last week announced its entry into the base oil market with the launch of a new brand, Vibra Base Oil.
A deal would give Vibra access to a global lubricant supply chain, complementing its domestic operations with broader manufacturing capabilities and an expanded brand portfolio.