Santa Cruz ethanol mill acquisition

Brazil's São Martinho, a sugar and ethanol group, has acquired Santa Cruz sugar and ethanol mill from Luiz Ometto Partcipações and other stake holders.

São Martinho is willing to pay 315.8 million reais (€101 million) over a 10-year period for 56% of Santa Cruz's capital. This will bring São Martinho's total stake in Santa Cruz to more than 92%.

Santa Cruz, which has the capacity to crush 4.5 million tonnes of cane a year, will also lease up to 20,122 hectares of cane land from Luiz Ometto Partcipações for 20 years.