U.S. commodities trader Bunge Ltd and British energy company BP Plc said on Monday they will merge their Brazilian sugar and ethanol operations ...
SAO PAULO: U.S. commodities trader Bunge Ltd and British energy company BP Plc said on Monday they will merge their Brazilian sugar and ethanol operations to create the world's third-largest sugarcane processor.
"Brazil is the Saudi Arabia of biofuel," BP's head of Alternative Energy, Dev Sanyal, told Reuters. He added that the new venture was cash-flow positive. The U.S.-based company has tried to sell its sugar operation in Brazil in the past with no success. It then tried listing shares of the unit in Sao Paulo last year, but canceled the plan, citing adverse market conditions.
"It is great news for the sector, because the deal creates a much stronger player. All those worries about the future of Bunge's assets disappeared," he added.
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