Shell, Cosan receive regulatory approval for $12bn Brazil JV

04 January 2011 15:40  [Source: ICIS news]

HOUSTON (ICIS)--Shell and ethanol group Cosan received unconditional merger clearance from the European Union (EU) for a proposed $12bn (€9bn) joint venture (JV) in Brazil, the companies said on Tuesday.

The joint venture should be launched in the first half of 2011, the companies said. It would produce ethanol, sugar and power, as well as manage the supply, distribution and retail sales of transportation fuels in Brazil.

Shell had said that the joint venture would be one of the world’s largest ethanol producers, with a production capacity of more than 2bn litres/year.

With EU clearance, the companies were turning their focus to detailing integration work, Cosan said.

The companies signed binding agreements for the JV in August 2010.

($1 = €0.75)

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By: Ben DuBose
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