SAO PAULO, Feb 17 (Reuters) - Brazilian biofuel producers ETH and Brenco will announce a plan on Thursday to merge their operations, creating one of world's largest makers of renewable fuel.
Stocks | Mergers & Acquisitions
The formal announcement of the combination will take place in Sao Paulo at 1500 local time (1700 GMT) on Thursday, according to a joint statement by the companies distributed on Wednesday. No details about terms of the deal were disclosed.
The ETH-Brenco merger would create a company with a capacity to crush 37 million tonnes of cane per year and produce 3 billion liters of ethanol by the 2013-2014 crushing season.
Mergers and acquisitions have been gaining momentum in Brazil's sugar and ethanol sector since the credit crisis hit mills that took on too much debt in past years to leverage their expansion. Brenco, an ethanol group backed by venture capitalist Vinod Khosla and AOL (AOL.N) founder Steve Case, had its expansion plan thwarted by the impact of the 2008 credit crisis as it ran out of cash.
ETH is a biofuel venture owned by civil construction group Odebrecht.
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