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Brazil Property News: Cosan buys out Esso's Brazilian operations
28th April 2008 04:38
A Brazilian sugar and alcohol giant has announced it has bought Esso's operation in the Latin American country.
Cosan announced last week that it had acquired Esso Brasileira de Petróleo in a deal worth US$ 826 million (£413 million) that would also include ExxonMobil's Brazilian operations.
The South American country's state-owned oil company Petrobas was also reportedly considering making a bid for Esso's biggest economy on the continent.
A company statement said: "Placing Cosan in a relevant position in the fuel distribution sector is an important step towards consolidating ethanol as the main fuel in the Brazilian market, and the possibility of a faster and more precise market analysis is increasingly strategic."
The deal stipulates that the firm can use the oil giant's brand name and acquire more than 1,500 points of service and contracts.
As part of the deal Cosan will take on Esso Brazil's $163 million (£81 million) of debt.
People considering buying property is Brazil could be interested to hear that the nation's oil industry is booming after two significantly large finds, showing an economic resilience in the country.
For more information on Brazil property investment and to find out about uv10's latest projects, contact uv10 on 0845 643 1036 or email info@uv10.com or visit our website: http://www.uv10.com
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