Slaughter and May is advising Copersucar on an agreement with Cargill to combine their global sugar trading activities into a new 50:50 joint venture that will originate, commercialise and trade raw and white sugar.

The new joint venture, which was announced on 27 March 2014, will be run independently of Copersucar and Cargill. Its trading activities will be based out of Geneva, Switzerland, and the joint venture will have offices in Hong Kong, Sao Paulo, Miami, Delhi, Moscow, Jakarta, Shanghai, Bangkok and Dubai. Furthermore, the joint venture will have a true global presence with additional representation offices around the world.

Both companies’ ethanol businesses and fixed assets, such as terminals and mills, will remain in separate business, individually owned by Cargill and Copersucar.

The formation of this new joint venture is dependent upon regulatory approval, which is expected in the second half of 2014.

Copersucar S.A. is the largest Brazilian sugar and ethanol trader integrated to production.

Mattos Filho Advogados advised as to Brazilian law.

CONTACTS

Corporate and Commercial: Mark Zerdin (partner), Selina Randhawa (associate); Competition: Philippe Chappatte (partner), Will Turtle (associate)

Mattos Filho Advogados: Corporate and Commercial: Rodrigo Ferreira Figueiredo (partner)