Brazil’s Raizen, the joint venture between Royal Dutch Shell Plc and Cosan SA, has agreed to buy Biosev SA, the sugar and ethanol unit controlled by Louis Dreyfus, in a cash and stock deal, the companies said on Monday.
Raizen will pay 3.6 billion reais ($670.3 million) to Biosev shareholders, who will also receive 3.5% of Raizen preferred shares, plus 1.49% of redeemable shares, it said in a regulatory filing. The company declined to disclose the full purchase price.
The deal boosts Raizen’s position as the world’s largest sugar maker and one of the largest ethanol producers.
