Brazil's Raízen offers Tonon Bioenergia $248m for two ethanol mills

Brazil-based ethanol specialist Raízen has offered 823 million reais (€221/$248 million) to buy two ethanol mills from Tonon Bioenergia, according to media reports.

Raízen is a joint venture between Cosan SA Indústria e Comércio and Royal Dutch Shell.

According to Reuters, Cosan said in a securities filing on Tuesday that Tonon Bioenergia, which has been going through an in-court reorganization, is expected to sell two ethanol mills, Santa Cândida and Paraíso, in an auction.