BP has acquired a 83% stake in Companhia Nacional de Acucar e Alcool (CNAA), The Wall Street Journal reports. The buyer will pay about $680 million for the acquisition of the Brazilian ethanol and sugar producer. After the competition deal, BP will operate ethanol mills in Goiás and Minas Gerais states and a third mill is under development in Minas Gerais state. The purchase was made by BP’s biofuels unit, BP Alternative Energy.
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