bp to acquire full ownership of bp Bunge Bioenergia

In the UK, bp said it has agreed to acquire Bunge’s 50% holding interest in its bp Bunge Bioenergia S.A. joint venture, one of Brazil’s leading biofuels-producing companies.

Upon completion, bp said it will become sole owner of the industrial scale sugarcane and ethanol business.

The enterprise value of the stake to be acquired is approximately $1.4 billion, said bp.

Subject to regulatory approvals, the transaction is currently anticipated to close by end 2024.

More on the story.