Cosan agrees to deal with Royal Dutch Shell
BRAZIL'S Cosan, the world's largest ethanol and sugar processor, agreed yesterday to merge its ethanol and fuel distribution business with Royal Dutch Shell in a deal worth as much as US$12 billion.
The transaction expands Shell's biofuels operations in Brazil, continuing a trend from 2008 when BP took a stake in a big Brazilian biofuels project and announced US$1 billion in investments.
The deal would extend Cosan's fuel distribution business in Brazil after the company took over United States-based ExxonMobil's Esso unit in 2008 for nearly US$1 billion.
Cosan last month also agreed to buy a local chain of filling stations called Petrosul for an undisclosed sum of money.
Cosan said the combined company will have 4,500 filling stations around Brazil, becoming the country's third-largest fuel distributor and helping the company sell directly to consumers a large portion of the ethanol it produces.
Cosan said it has 180 days to discuss the non-binding memorandum of understanding exclusively with Shell International Petroleum Company Ltd.
As part of the transaction, Cosan will transfer its sugar, ethanol, fuels distribution and energy generation business to the merged entity, with assets valued at US$4.925 billion and debt of US$2.524 billion.
The transaction expands Shell's biofuels operations in Brazil, continuing a trend from 2008 when BP took a stake in a big Brazilian biofuels project and announced US$1 billion in investments.
The deal would extend Cosan's fuel distribution business in Brazil after the company took over United States-based ExxonMobil's Esso unit in 2008 for nearly US$1 billion.
Cosan last month also agreed to buy a local chain of filling stations called Petrosul for an undisclosed sum of money.
Cosan said the combined company will have 4,500 filling stations around Brazil, becoming the country's third-largest fuel distributor and helping the company sell directly to consumers a large portion of the ethanol it produces.
Cosan said it has 180 days to discuss the non-binding memorandum of understanding exclusively with Shell International Petroleum Company Ltd.
As part of the transaction, Cosan will transfer its sugar, ethanol, fuels distribution and energy generation business to the merged entity, with assets valued at US$4.925 billion and debt of US$2.524 billion.
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