BP Buys Brazilian Ethanol and Sugar Producer, Expands Biofuels Business

BP has agreed to pay $680 million to acquire 83%  of the shares of Companhia Nacional de Açúcar e Álcool (CNAA; Sao Paulo) from Açúcar e Álcool Fundo de Investimento em Participações and Açúcar e Álcool II Fundo de Investimento em Participações, and to refinance 100% of CNAA's existing long term debt. CNAA is a producer of ethanol and sugar and when its assets are fully developed, it will increase BP's overall production capacity in Brazil to about 1.4 billion...

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