Brazil Journal reported that Vibra had begun talks with Cosan to purchase its lubricants division.

Brazil Journal, a news outlet, reported that Brazilian fuel retailer Vibra had begun talks with Cosan about buying Cosan’s lubricants division, Moove. The report was based on sources who were familiar with the situation.

Brazil Journal reported that the talks were initiated by CVC Capital Partners a European private equity company, which expressed interest in selling their stake. Vibra also showed interest in purchasing 100% of the firm.

The article added that the talks had stalled because, according to its source, chairman Rubens Ometo, who is also the controlling shareholder, has no intention of selling his stake.

Cosan cancelled a planned initial publicly offered (IPO) in the United States for Moove last year.

Cosan stated in a filing that there had been no deal signed, nor any agreement, document or commitment. The company also said that all talks were non-binding.

Cosan said it was also approached by a number of market participants about potential alternatives to its assets.

Vibra, in a separate filing said that weighing the business opportunities was part of their regular activities. They also noted that no binding agreement, commitment, or document had been signed.

Moove declined comment. CVC didn't respond immediately to requests for comments outside of normal business hours. Reporting by Andre Romani, Editing by Brendan O'Boyle and Muralikumar Anantharaman.

(source: Reuters)