SAO PAULO (Bloomberg) — Bermuda-based Cosan Ltd., parent of the world's biggest sugar-cane processor, delayed plans to acquire all the stock of its operating unit.

Brazil's securities regulator, known as CVM, "didn't express its opposition" to pushing back the date to April 18 from April 14, Cosan said yesterday in a regulatory filing. The regulator denied an earlier request to delay the buyback to May 12, CVM spokeswoman Suzana Liskauskas said last week.

Cosan Ltd. is seeking to buy Cosan SA Industria e Comercio's outstanding shares in exchange for its own US- traded stock or its Brazilian depositary receipts. The delay may indicate the parent company is having trouble getting shareholders interested in the plan, said Peter Ping Ho, an analyst at brokerage Planner Corretora.

"This offer doesn't interest minority shareholders" because it will reduce their influence in the company, Ho said in an interview from Sao Paulo. Since Cosan Ltd. is based in Bermuda, shareholders in Brazil "will have to hire lawyers every time they want to question a decision by the controlling shareholder".

Cosan Ltd. probably won't get the two-thirds support it needs to delist Piracicaba, Brazil-based Cosan SA, Ho said.