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US: Bunge Is in Talks With BP to Join Brazil Sugar-Ethanol Assets

U.S. agribusiness giant Bunge Ltd. is in talks with British oil major BP Plc to form a sugar and ethanol joint venture in Brazil, according to people familiar with the matter. The companies are in discussions to combine operations in the South American nation, one of the largest producers of both sugar cane and sugar-based ethanol, said the people, who asked not to be identified because the information is private. Bunge and BP are currently valuing their sugar and ethanol assets to agree on the size of each company’s stake, and Bunge has hired Brazilian bank Itau Unibanco Holding SA as an adviser, the people said.