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Brazil: CADE clears Sumitomo’s Cosan Biomassa buy

By  |  March 29, 2016

Brazil’s competition regulator CADE approved Japanese trader Sumitomo Corp’s planned acquisition of a minority stake in Cosan Biomassa SA, a Brazilian producer of sugarcane pellets for generating electric power.

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    Sumitomo announced its intention to buy up to 20% of shares in Cosan Biomassa. The move is part of a strategic collaboration for the development of the sugarcane pellet business with the target’s owner — sugar and ethanol producer Cosan SA Industria e Comercio.

    The Brazilian firm has developed a fuel pellet made from sugarcane residues. With the help of Sumitomo, it will raise its exports to Japan and Europe, while also increasing sales at home. The business aims to produce 2 million tonnes of sugarcane pellets by 2025.

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