BP, Bunge combine bioenergy businesses in Brazil

BP, Bunge combine bioenergy businesses in Brazil

M&A Energy Renewable Electricity Brazil Europe US

BP and Bunge said they have agreed to form a bioenergy joint venture in Brazil and create the second largest sugarcane processing company in the country. The new company, called BP Bunge Bioenergia, will take on $700m in debt from Bunge, while BP will pay $75m to the US agricultural business as part of the deal. Bunge will use the money to pay off debt, it said in a statement. "This partnership... allows us to reduce our current exposure to sugar milling, strengthen our balance sheet and focus

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