EC approves Shell and Cosan JV
The $12 billion (€9.1 billion) joint venture between Brazilian sugar and ethanol company Cosan Indústria e Comércio and oil major Royal Dutch Shell has been cleared by the European Commission.
The approval was granted on the 4 January 2011, following a binding agreement which both companies signed in August last year.
Shell and Cosan will together produce and commercialise ethanol and power from sugarcane and distribute a variety of industrial and transportation fuels through a combined distribution and retail network in Brazil.
It will also explore business opportunities to produce and sell ethanol and sugar globally.
The joint venture was approved following an investigation by the European Commission into the partnership’s impact on competition across the EU.
In a statement the EU said: ‘After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.’
The approval was granted on the 4 January 2011, following a binding agreement which both companies signed in August last year.
Shell and Cosan will together produce and commercialise ethanol and power from sugarcane and distribute a variety of industrial and transportation fuels through a combined distribution and retail network in Brazil.
It will also explore business opportunities to produce and sell ethanol and sugar globally.
The joint venture was approved following an investigation by the European Commission into the partnership’s impact on competition across the EU.
In a statement the EU said: ‘After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.’
Loading ...
