BP acquires majority stake in Brazilian ethanol firm CNAA

28 April 2011 22:28  [Source: ICIS news]

HOUSTON (ICIS)--BP has completed the acquisition of a majority control in Brazilian ethanol and sugar producer Companhia Nacional de Acucar e Alcool (CNAA), the energy major said on Thursday.

The deal gave BP operational control of two sugarcane mills in the states of Minas Gerais and Goias, the company said.

BP announced the deal in March.

The company said it would pay around $680m (€462m) for 83% of CNAA’s shares.

BP also said it plans to refinance 100% of CNAA's existing long-term debt.

($1 = €0.68)

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