Freshfields Bruckhaus Deringer LLP ('Freshfields') has advised Cosan S.A. (‘Cosan’), the Brazilian-listed energy company, on its negotiations with Royal-Dutch Shell (‘Shell’) to revise the terms of its important Brazilian joint venture, Raizen, the world's largest sugar and ethanol producer and one of Brazil’s largest companies.

The revised terms remove the time-based options agreed in 2011 when the joint venture was created, and strengthen the long-term Raizen partnership between Cosan and Shell. The transaction to create the joint venture in 2011 valued Raizen at USD12bn.

The Freshfields team, led by Corporate Partner and Freshfields Brazil Group Corporate Head David Sonter and Corporate Associate Victoria Haimes, worked alongside the in-house Cosan M&A legal team, led by M&A and Corporate Legal Head Maria Rita Drummond.