Raizen Energia SA and Wilmar International plan to establish a sugar venture in Brazil to rival the partnership between Cargill Inc. and Copersucar SA, the nation’s leading exporter this year.
The new joint venture will strengthen existing integrated production and trading operations, Sao Paulo-based Raizen, a partnership between Royal Dutch Shell Plc and Cosan SA, said Wednesday in a filing with Brazil’s antitrust regulator Cade. The agency is reviewing the proposal. The Latin American country is the world’s biggest sugar producer and exporter. Singapore-based Wilmar has sugar operations in countries including Australia, Indonesia and India.
In March 2014, Cargill teamed up with Sao Paulo-based Copersucar, a cooperative of Brazilian sugar mills, to expand in global trading. Their Alvean venture in the 11 months that ended Nov. 30 was the biggest exporter with 3.26 million metric tons, according to data from Santos, Brazil-based shipping firm SA Commodities. Raizen sold 3 million tons to be shipped by other companies with 1.04 million bought by Wilmar. The Singapore company sent 2.4 million tons overseas.
“You are going to see more concentration in the market,” Michael McDougall, a senior vice president for Societe Generale in New York, said in a telephone interview. “The cheap real has given foreign companies the opportunity to take a closer look at acquiring assets or investing in Brazil.”
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The new joint venture will strengthen existing integrated production and trading operations, Sao Paulo-based Raizen, a partnership between Royal Dutch Shell Plc and Cosan SA, said Wednesday in a filing with Brazil’s antitrust regulator Cade. The agency is reviewing the proposal. The Latin American country is the world’s biggest sugar producer and exporter. Singapore-based Wilmar has sugar operations in countries including Australia, Indonesia and India.
In March 2014, Cargill teamed up with Sao Paulo-based Copersucar, a cooperative of Brazilian sugar mills, to expand in global trading. Their Alvean venture in the 11 months that ended Nov. 30 was the biggest exporter with 3.26 million metric tons, according to data from Santos, Brazil-based shipping firm SA Commodities. Raizen sold 3 million tons to be shipped by other companies with 1.04 million bought by Wilmar. The Singapore company sent 2.4 million tons overseas.
“You are going to see more concentration in the market,” Michael McDougall, a senior vice president for Societe Generale in New York, said in a telephone interview. “The cheap real has given foreign companies the opportunity to take a closer look at acquiring assets or investing in Brazil.”
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