Petrobras, ETH Bioenergia, pursuing Brazil’s Brenco in ethanol realignment

In Brazil, Petrobras confirmed yesterday that it has entered into talks of partnership and/or investment with Brenco, the Brazilian ethanol producer that counts AOL founder Steve Case, Vinod Khosla and Bill and Hillary Clinton among its direct and indirect investors. Brenco said that it may sell a controlling stake to Petrobras, or merge with ETH Bioenergia, the ethanol company founded and controlled by Odebrecht.

According to a report in Valor Economico, Brenco has hired Angra Partners to plan a financial restructuring and assist in its plan to invest as much as $3 billion in the ethanol business.

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