Tereos-Petrobas partnership reaches fulfillment

摘要

Tereos has announced the completion of the final step of the strategic partnership signed with Petrobras in April 2010. The agreement signed between the two groups foresaw a gradual increase, over a five year period, of Petrcbras stake in Cuarani, Tereos' Brazilian subsidiary. Petrobras has now carried out the final subscription which enables it to increase its participation in Cuarani's capital to the level set in the agreements. As a result, Petrobras now holds a stake of 45.9% in Cuarani's capital; Tereos remaining the majority shareholder with 54.1% of the capital. This capital injection of R$ 268 million by Petrobras will be paid up on 5 January 2016 and finalizes a total investment of R$1,611 million. Cuarani is one of the leading players in the Brazilian sugar market and produces every year more than 1.5 million tonnes of sugar and around 800 000 M3 of bioethanol.