RPT-Brazil's Cosan to stay on Sao Paulo Exchange

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SAO PAULO, April 22 (Reuters) - Brazilian sugar and ethanol producer Cosan said on Tuesday its common shares would remain listed on the Sao Paulo Stock Exchange after it failed to convince enough shareholders to swap their shares for stock in holding company Cosan Ltd.

Cosan's exchange offer expired last Friday. Each share in Cosan SA (CSAN3.SA: Quote, Profile, Research) would be swapped for one Brazilian Depositary Receipt or stock in the Bermuda-registered Cosan Ltd (CZLT11.SA: Quote, Profile, Research)(CZZ.N: Quote, Profile, Research).

Holders of only 15 percent of the company's outstanding shares took up the swap offer, a company spokeswoman said.

If more than two-thirds of the shareholders had accepted the swap, Cosan would likely be delisted from the Novo Mercado, a market with stricter listing conditions in the Sao Paulo stock exchange.

Cosan said it could still offer to exchange the outstanding shares not tendered in this exchange in the future. (Reporting by Inae Riveras; Editing by Andre Grenon)