SÃO PAULO, BRAZIL — Cargill is in talks to sell its 50% share in global sugar trader Alvean Sugar SL to Brazil’s Copersucar SA, which already owns the other 50% of the joint venture, according to reports on Reuters, Bloomberg and others.
“Alvean continues to be a leader in global sugar markets and there has been no change in its structure or how it serves its customers,” Copersucar said. “The two shareholders have discussed an agreement where Copersucar will become the sole owner and acquire Cargill’s shares in Alvean. If an agreement is reached, we will communicate appropriately.”
If successful, the transaction is expected to be announced in the first quarter.
Alvean was formed in 2014 and is the world’s largest sugar trader, moving more than 10 million tonnes annually, accounting for a 32% share of Brazil’s total sugar exports and about 20% to total global sugar shipments in 2019-20, according to reports. It is led out of Geneva with offices in 10 countries.
Copersucar is the largest Brazilian player in the sugar and ethanol industries. It was incorporated in 2008 but its history dates to 1959 as the Cooperative of Sugarcane, Sugar and Alcohol Producers in the State of São Paulo.