Mubadala and Raizen are “in final round to buy BP-Bunge Bioenergia”

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United Arab Emirates state investor Mubadala Investment and energy company Raizen are in the final round to acquire Brazilian ethanol joint venture BP Bunge Bioenergia, according to Reuters.
Citing a source "with knowledge of the matter", Reuters reported there are no other bidders in the second round, and former proposals from other companies were disqualified.
Shareholders decided to negotiate with both bidders in a second phase due to negligible difference between their proposals, Reuters said, with parallel negotiations proceeding with both.
There is no clear deadline for reaching an agreement, and no guarantee a sale will be signed, despite the deal being in its final stages.
Bunge has been trying to divest from its ethanol plants in Brazil for a while, Reuters said. In 2018, it considered an initial public offering before entering the joint venture with BP.
The deal gave BP a role in Brazil's ethanol market and already had clauses on exit rights after 18 months.
Bunge said it "continues to assess options to exit our participation in our sugar and bioenergy joint venture".

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