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2 Min Read FILE PHOTO: People walk as a bus passes a Shell gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci/File Photo SAO PAULO (Reuters) -Brazil’s Raizen, a joint venture between Royal Dutch Shell PLC and Brazilian energy company Cosan SA, is targeting a valuation of around 70 billion reais ($13.5 billion) in its initial public offering, four people with knowledge of the matter said on Tuesday. The valuation could be between 60 billion and 80 billion reais depending on demand, they said, declining to be named because talks on the matter were private. The company, which owns gas stations and produces sugar and ethanol, has cut its initial estimate of raising around 12 billion reais ($2.3 billion), two of the sources said. The company now plans to raise around $1.2 billion, or 6 billion reais, according to the people, who did not explain why the capital raising had been slashed.

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