Bunge selling stake in sugar cane ethanol JV
ST. LOUIS – Bunge Ltd. is selling its 50% stake in BP Bunge Bioenergia to BP, expected to close in Q4 2024, making BP the sole owner. CEO Greg Heckman stated the sale aligns with Bunge’s core business strategy and strengthens its balance sheet. The 2019 joint venture combined both companies’ Brazilian bioenergy and sugar cane ethanol businesses, totaling 11 mills and 32 million tonnes of crushing capacity annually.
ST. LOUIS – Bunge Ltd. Is selling its 50% share in BP Bunge Bioenergia to BP, its partner in the joint venture formed in 2019. The transaction is expected to close in the fourth quarter of 2024, at which time BP will own 100% of the business.
“We are pleased with the way the business is operating and the great work the team has done to become a leader in sugar and bioenergy since we created this joint venture with BP,” said Greg Heckman, chief executive officer of St. Louis-based Bunge. “However, this business is not core to Bunge’s long-term strategy, and this transaction will allow us to focus and invest in our core businesses while also further strengthening our balance sheet. bp has been a valued partner to Bunge, and we wish them and the team continued success.
”When the joint venture was formed, combined both companies’ Brazilian bioenergy and sugar cane ethanol business had a total of 11 mills in Brazil and 32 million tonnes of combined crushing capacity per year.
Source Link: https://www.bakingbusiness.com/articles/61754-bunge-selling-stake-in-sugar-cane-ethanol-jv
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