Bloomberg
By Brian Swint - Mar 11, 2011 4:00 AM CT
BP Plc (BP/) agreed to buy a majority stake in a Brazilian ethanol and sugar producer to expand its operations in emerging markets.
BP will pay about $680 million for 83 percent of Cia. Nacional de Acucar & Alcool and will refinance all of CNAA’s existing long-term debt, the London-based company said in a statement today. When the assets are fully developed, the deal will increase BP’s Brazilian production to 1.4 billion liters of ethanol equivalent a year, or 9 million barrels.
Read more