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UAE's Mubadala drops out of bidding for Brazil's BP Bunge Bioenergia -source

Reuters
Updated ·1 min read

SAO PAULO, Feb 1 (Reuters) - UAE state investor Mubadala Capital LLC has dropped out of the process to buy Brazilian sugar and ethanol firm BP Bunge Bioenergia, a source with knowledge of the matter said.

A joint venture between BP Plc and Bunge Ltd, BP may decide to buy out its partner, the source added.

Mubadala dropped out after concluding talks to acquire another Brazilian ethanol company, Atvos.

Raizen SA was left as the only bidder, but BP has the right of first refusal and may buy out Bunge if it considers the bid too low, the source said, asking for anonymity to disclose private talks.

Mubadala, BP and Raizen did not immediately comment on the matter.

Brazilian newspaper Valor Economico reported on Wednesday that shareholders had given up on a sale to a third party and that BP was considering buying out its partner. (Reporting by Tatiana Bautzer; additional reporting by Gabriel Araujo; editing by Jason Neely)