By Jeffrey T. LewisSÃO PAULO--Raízen SA's preferred shares fell 5.6% after the fuel distribution company said a major shareholder plans to sell its 24% stake in the company. The shares reached 3.23 reais (63 cents) and are down 46% over the past year through Friday's close. Raizen said the stake will be sold at an auction on Feb. 1 at a starting price of BRL3.15 per share. Raizen's rivals are also narrowing the gap in service quality, making the fuel company less attractive to investors, XP said. Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com(END) Dow Jones NewswiresJanuary 30, 2023 12:12 ET (17:12 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal January 30, 2023 17:17 UTC