09/21/2011 | Editor: Dominik Stephan
BP buys another three percent shares in a Brazilian sugar and ethanol company. The company aims to strengthen its biofuels business with the acquisition.
London/United Kingdom – BP boosts its biofuels business by acquiring additional shares of Brazilian ethanol producer Companhia Nacional de Açúcar e Álcool (CNAA). The British based oil multinational announced plans to buy another three percent share of CNAA from LDC Bioenergia for approximately US $ 25 million. BP already owns 96 percent of CNAA shares, with the remaining shares being owned by small private shareholders. The acquisition is subject to agreed closing conditions.
“This is another step for our biofuels business in Brazil”, said Mario Lindenhayn, CEO of BP Biofuels in Brazil. “We have been operating these mills since April and the teams are working hard to integrate systems and processes to become part of BP.” Plans to take over CNAA first occured in early 2011. CNAA’s facilities in Brazil supply both Brazilian and international markets with ethanol.
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