June 14 (Renewables Now) - Brazilian sugar and ethanol producer Raizen Energia SA has submitted an offer of BRL 823 million (USD 245m/EUR 220m) to acquire two mills in Brazil of Tonon Bioenergia SA.
The binding offer comes as part of a court-supervised reorganisation of the selling company.
The two sugar and ethanol mills, Santa Candida in Bocaina and Paraiso in Brotas, both in Sao Paulo, will be sold through a court-supervised auction with sealed proposals, Cosan SA Industria e Comercio (BVMF:CSAN3) said in a statement on Tuesday. Raizen is a joint venture between Cosan and Anglo-Dutch oil group Royal Dutch Shell Plc (AMS:RDSA).
Raizen is the world's biggest individual producer of sugar cane. In 2015, it produced more than 4 million tonnes of sugar, more than 2 billion litres (528 million gallons) of ethanol and 2.2 GWh of cogenerated energy.
(BRL 1 = USD 0.300/EUR 0.267)