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Raízen, the Brazilian joint venture of Shell and Cosan, whose Shell-branded network in Brazil counted 6,734 fuel stations in March, has asked its shareholders to let its board issue up to 200 billion more shares. That is 100 times the two billion its bylaws allow today, and the vote is on October 30. The 200 billion is not a forecast of what will be issued. It follows from a price. Under the out-of-court restructuring plan that a São Paulo court ratified on July 30, creditors who take the share option convert 45 percent of their claims into new shares at R$0.25 each, and Shell pays R$3.5 billion in cash for new shares at the same price. The plan binds about R$61.4 billion of unsecured financial debt. On this brief’s arithmetic, if every bound claim took the share option, creditors alone would receive about 110.5 billion shares, against 10.35 billion in issue today. Once the capital increase is done, Raízen says, it will no longer have a controlling shareholder with more than half of its voting capital, and Shell, which owns 44 percent today, says the conversion would dilute its stake. This brief sets out how the 200 billion is built, who would own Raízen afterward, what Shell gets for its money, what creditors were offered, how Raízen would split in two, where its fuels business meets the sea and what the restructuring changes for tanker owners, traders, lenders and compliance officers.
📋 In This Issue:
⚖️ The Story:
What goes to a vote, where the 200 billion comes from, who would own Raízen, what Shell gets for its money, how the debt built up, what creditors were offered, how the split works, the fuel network and its terminals, the R$1 problem, the case against this brief and what the record supports
📊 By The Numbers:
The 200 billion limit, the 10.35 billion shares in issue, the R$0.25 price, the R$61.4 billion of debt, the 45 percent conversion and Shell’s R$3.5 billion
🌍 Why It Matters:
What it changes for the tanker owner and broker, the charterer and trader, the lender and the compliance officer
👀 What To Watch:
The October 26 deadline, the two October 30 meetings, the creditor window, the share count, the three milestones that fall on March 31, 2027, the split, the sale process and the falsifier that would change this brief’s reading
🚨 Gosships Signal:
What the 200 billion measures, who pays and who would own the company behind the Shell name
