Brazilian producers of ethanol agree to merge

The agreement, to create a group with total investments of R$7.3bn ($4bn) by 2012, follows a $12bn deal this month between Royal Dutch Shell and Cosan of Brazil.

22-02-10

Two Brazilian sugar and ethanol producers yesterday agreed to merge to create what they hope will be the country's biggest biofuels company. These are ETH Bioenergia, part of the Odebrecht group, a Brazilian conglomerate whose main activity is construction and engineering. And Brenco www.brenco.com.br/brenco/ , a Brazilian renewable energy group.  Last mentioned is backed by a.o. Ashmore Energy of Houston, Texas, an investor in energy projects in emerging markets.

The agreement, to create a group with total investments of R$7.3bn ($4bn) by 2012, follows a $12bn deal this month between Royal Dutch Shell and Cosan of Brazil.

It provides further evidence of the appeal of Brazil's ethanol market and of confidence that foreign markets for Brazilian ethanol will open up.

Source: www.ft.com/cms/s/0/2a940642-1cf6-11df-aef7-00144feab49a.html

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Category: Brazil, Bioethanol, Branch And Industry, Individual Company