BTG Pactual Holding has formally requested approval from Brazil's Administrative Council for Economic Defense (Cade) to increase its stake in Cosan Dez Participações S.A. to 11.5%. This is part of a broader strategy to strengthen its partnership with the Cosan Group, led by entrepreneur Rubens Ometto. The request, submitted by BMA Advogados, is under consideration and seeks a swift approval process due to the competitive nature of the investment.

Cosan Dez serves as the administrator for Group Cosan in the energy sector, particularly with Compass Gás e Energia, which recently announced that it is evaluating the possibility of an Initial Public Offering (IPO). BTG argued that this increase in stake would not raise any competitive concerns, as it is merely an increase in current ownership and does not create new overlaps or vertical integrations that have not already been recently considered by Cade during previous evaluations. This highlights BTG's continued investment strategy in Brazil's growing energy market.

The proposed increase in BTG's stake in Cosan is seen as a significant move given the current climate of energy investments in Brazil. With the potential IPO of Compass, this could enhance BTG’s influence and position in the energy sector, which has been pivotal in the country's economic landscape. The success of this maneuver may also reflect on the relationship dynamics within the Brazilian business environment, especially between large financial institutions and energy companies.