Raízen reaches R$22.4B tax settlement with Brazilian tax authorities

Raízen, Brazil's largest sugar-ethanol company, agreed to a R$22.4 billion tax settlement with Receita Federal and Fazenda, with R$16.7 billion attributable to the company and R$5.7 billion to controlling shareholders Cosan and Shell. The agreement resolves a long-standing tax dispute, reducing legal uncertainty but imposing a significant cash outflow. The settlement's impact on Raízen's balance sheet and shareholder returns is uncertain, but it removes a major overhang.

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