IG4 readies bid for Raízen debt to seek control

IG4 Capital plans to submit a binding offer for Raízen debt within three weeks, according to reporting by Broadcast on September 18, 2026. The asset manager aims to take control of the company by converting part of the debt into equity, as envisioned in the extrajudicial restructuring plan.

About six professionals are already preparing a turnaround strategy for the sugar and ethanol mills. IG4 intends to keep this division after separating the company's businesses. The team would form part of the executive group placed to run the operations.

Raízen is currently owned by Cosan and Shell, and operates both the mills and the Shell-branded fuel station network. IG4 has held talks with Shell because the court-approved restructuring plan contains restrictions on bringing in a new controlling shareholder. The manager has already structured a fund with part of the capital needed to acquire debt securities, and could also propose managing the equity stakes of creditors who choose not to sell.

With net debt of BRL 65.14 billion, Raízen represents the largest extrajudicial restructuring in Brazil. IG4 did not comment on the plan.