BP (NYSE:BP) announced it has acquired a majority stake in Cia. Nacional de Acucar & Alcool (CNAA), a Brazilian ethanol and sugar producer, for $680 million.
CEO Robert Dudley said in a statement, “This strategic acquisition underlines BP’s commitment to building material businesses in growing economies and continued expansion in Brazil through exploration and production, as well as biofuels investments. This is the biggest acquisition to date for BP Alternative Energy as we continue to build a leading low carbon fuels business.”
The giant oil company is still waiting on the Brazilian government to approve its acquisition of offshore exploration licenses in Brazil in 2010 from Devon Energy (NYSE:DVN).
What BP gains control of in the CNAA deal is two producing ethanol mills in the Brazilian states of Goias and Minas Gerais. A third mill is being constructed at Minas Gerais as well.
BP closed Friday at $45.75, up $0.09, or 0.20 percent.
Showing posts with label Brazil. Show all posts
Showing posts with label Brazil. Show all posts
Monday, March 14, 2011
Friday, February 25, 2011
Hyundai Targets Ford (F) in Brazil
South Korea's Hyundai Motor Co. on Friday unveiled ambitious plans to surpass U.S-based Ford Motor Co. (NYSE:F) as the fourth-largest auto maker in Brazil.
The company's intention is to reach fourth place as early as 2013.
"Without a local plant, we reached a market share of 3% in 2010. The plan is to reach 10% of the market, passing Ford, by 2013, with our own plant," said Hyundai Director Kim Ki-tae.
In 2010, Brazilian auto sales reached their highest annual total ever as rising wages and consumer confidence boosted purchases. Total sales in 2010 were 3.5 million vehicles, up 12% compared with 2009.
Hyundai sold a total of 106,012 vehicles in Brazil last year, while Ford sold 336,297, for a 9.6% market share.
Global players are increasingly interested in Brazil because of the country's obvious potential for growth. Brazil's economy expanded by an estimated 7.5% in 2010.
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The company's intention is to reach fourth place as early as 2013.
"Without a local plant, we reached a market share of 3% in 2010. The plan is to reach 10% of the market, passing Ford, by 2013, with our own plant," said Hyundai Director Kim Ki-tae.
In 2010, Brazilian auto sales reached their highest annual total ever as rising wages and consumer confidence boosted purchases. Total sales in 2010 were 3.5 million vehicles, up 12% compared with 2009.
Hyundai sold a total of 106,012 vehicles in Brazil last year, while Ford sold 336,297, for a 9.6% market share.
Global players are increasingly interested in Brazil because of the country's obvious potential for growth. Brazil's economy expanded by an estimated 7.5% in 2010.
Full Story
Thursday, February 17, 2011
General Electric (GE) Building $550 Million Brazilian Research Center
With an eye toward expanding its presence in Brazil, General Electric (NYSE:GE) announced it will be building a $550 million research center in Brazil, focusing on IT, energy and health sectors.
The center will be built in the state of Rio de Janeiro, according to Brazilian Science and Technology Minister Aloizio Mercadante, who attended a meeting with Brazilian President Dilma Rousseff and GE chairman and CEO, Jeffrey Immelt.
It will take approximately 2 years for the center to become operational, according to president of a GE Brazilian subsidiary, Joao Geraldo Ferreira.
An estimated 1,000 new jobs will be created from the project, with about 200 of them for researchers.
The center will be built in the state of Rio de Janeiro, according to Brazilian Science and Technology Minister Aloizio Mercadante, who attended a meeting with Brazilian President Dilma Rousseff and GE chairman and CEO, Jeffrey Immelt.
It will take approximately 2 years for the center to become operational, according to president of a GE Brazilian subsidiary, Joao Geraldo Ferreira.
An estimated 1,000 new jobs will be created from the project, with about 200 of them for researchers.
Friday, February 4, 2011
Brazil Approves Syngenta's (NYSE:SYT) Triple Stack Corn
Syngenta (NYSE:SYT) announced they've received approval from Brazil for the company's triple stack corn.
The National Biosafety Committee in Brazil told Syngenta they could now plant its triple stack corn: Bt11 x MIR162 x GA21 in the country.
The triple stack corn of Syngenta is a combination of tolerance to herbicides and resistance to insects, specifically the fall army worm, which is the main threat to corn grown in Brazil. It also offers resistance to other crops pests similar to the army worm.
Brazilian farmers will have Syngenta's triple stack corn available for the the 2011/2012 planting season.
Syngenta closed Thursday at $65.37, falling $0.70, or 1.06 percent.
The National Biosafety Committee in Brazil told Syngenta they could now plant its triple stack corn: Bt11 x MIR162 x GA21 in the country.
The triple stack corn of Syngenta is a combination of tolerance to herbicides and resistance to insects, specifically the fall army worm, which is the main threat to corn grown in Brazil. It also offers resistance to other crops pests similar to the army worm.
Brazilian farmers will have Syngenta's triple stack corn available for the the 2011/2012 planting season.
Syngenta closed Thursday at $65.37, falling $0.70, or 1.06 percent.
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