Brazilian sugar and ethanol operations owned by Bunge has reportedly received approval to acquire the rest of a joint venture it runs with Itochu.
Brazil’s antitrust authority CADE has cleared Japan-based Bunge to purchase the 20 percent stake in their joint venture of two cane mills currently owned by Itochu. Their partnership was first struck in 2008 with $800 million in investments by the two companies.
As Bunge wholly acquires their venture, Itochu said it plans to fully exit Brazil’s sugar industry due to “uncertainty over the future profitability of certain projects, as well as other factors including fuel prices and economic regulation.
Full content: MSN
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