Brazil's leading suger and ethanol exporter has bought the UK's Comma Oil and Chemicals.
A Cosan storage facility Image: Cosan |
The Brazilian biofuel producer, Cosan, agreed the deal with Comma's UK parent company Esso Petroleum, the UK division of ExxonMobil for a sum not exceeding $100 million. Comma are specialists in automotive lubes and additives, based in Kent, England with export markets across Europe and Asia, mainly under Comma's own brand.
Cosan, currently running a joint venture with Shell to combine Brazilian sugar, ethanol and fuel distribution under the Raizen company name, intends to complete the takeover by Q3 this year and will retain Comma's own brand.
A deal has also been signed to maintain Comma's role as distributor for Mobil lubes brands as well as product from other ExxonMobil affiliates. Cosan also bought ExxonMobil's sugar and ethanol operations across many parts of in Latin America last year.