BP and Bunge looking to sell their biofuel JV for $1.96B

In Brazil, Reuters reports Valor Economico has discovered that Raizen and Abu Dhabi’s Mubadala are potential buyers of BP Bunge Bioenergia, which the two companies have decided to put up for sale. The joint venture is valued at around $1.96 billion and JP Morgan has confirmed that it will advise BP Bunge Bioenergia on the sale. Bunge says that the JV is performing well but that it is not part of the core strategy for its business.