Brazil's Cosan, Shell Sign MOU For Ethanol, Fuels Joint Venture

CNN Money
February 01, 2010: 06:33 AM ET

RIO DE JANEIRO -(Dow Jones)- Brazilian sugar and ethanol group Cosan Industria e Comercio SA (CSAN3.BR) and the local unit of Royal Dutch Shell (RDSA.LN) will combine their fuels distribution business in Brazil.

In a filing with stock regulators Monday, Cosan said that the two companies signed a memorandum of understanding Sunday to create a $12 billion joint venture. The deal will create Brazil's third-largest fuel distribution network, with about 4,500 service stations throughout Brazil.

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