BP acquires additional share of Brazil-based CNAA

Oil and gas company BP has has agreed to acquire an additional three per cent share of Brazilian sugar and ethanol producer Companhia Nacional de Açúcar e Álcool (CNAA) from LDC Bioenergia for a price of approximately $25m (£15.8m).

Following the acquisition in April 2011 of 83 per cent of the shares of CNAA and subsequent conversion of CNAA’s long-term debt to equity, BP will own 99.97 per cent of the shares of the company — the remaining shares are owned by minority private shareholders.