French sugar group Tereos said on Friday it has entered into negotiations to acquire Petroleo Brasileiro SA’s 45.9 percent minority stake in Brazilian-based Guarani, confirming an earlier announcement by Petrobras.
Cooperative group Tereos is the majority shareholder of Guarani, which has sugar and ethanol factories, with a 54.1 percent holding.
“This announcement follows the announcement of Petrobras’ Divestment plan in September 2016 which provides for the exit of all biofuels production activities,” Tereos said.
“The decision to start these negotiations is no assurance that an agreement will be found or that the transaction will complete,” Tereos said in a statement.
Petrobras had announced the negotiations in a stock market filing in Brazil earlier on Friday.
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