By Marcelo Teixeira
By Marcelo Teixeira
SAO PAULO, Dec 2 (Reuters) – British oil main BP Plc BP.L and U.S. commodities dealer Bunge Ltd BG.N introduced on Monday the completion of a deal to mix their sugar and ethanol operations in Brazil, creating the world’s second largest cane processor.
The 50-50 three way partnership BP Bunge Bioenergia, which is able to handle 11 crops in 5 Brazilian states with a complete capability to crush 32 million tonnes of sugarcane per 12 months, will rank solely behind Raízen, the three way partnership between Royal Dutch Shell Plc RDSa.L and Brazilian vitality group Cosan SA CSAN3.SA.
When the deal was introduced again in July, the mixed group was nonetheless holding a 3rd place among the many world’s largest processors, however since then Biosev, the sugar and ethanol unit managed by commodities dealer Louis Dreyfus AKIRAU.UL, diminished its crushing because it offered two mills in Brazil’s northeast.
The completion of the deal means BP and Bunge obtained all of the regulatory approvals wanted. It permits each corporations to place collectively employees and begin to plan collectively for the following…