UPDATE 1-Brazil's Petrobras ups stake in Tereos sugar, ethanol unit

viernes 30 de octubre de 2015 14:10 GYT

(Adds context, information on Guarani assets)

By Sybille de La Hamaide and Marcelo Teixeira

PARIS/SAO PAULO Oct 30 (Reuters) - French sugar group Tereos said on Friday Brazil's Petrobras had raised its stake in their sugar and ethanol joint venture Guarani to 45.9 percent through a capital injection of 268 million reais ($69.75 million).

Tereos, which said this was the final step of a strategic partnership signed with Petrobras in 2010, remains the majority shareholder with 54.1 percent of the capital.

The 268 million reais would be paid up by Petrobras on Jan. 5, 2016 and finalizes a total investment of 1.611 billion reais, Tereos said in a statement.

The agreement on Guarani assets foresaw a gradual increase in the Brazilian oil company's stake, depending on some investments. Friday was the last day for Petrobras to confirm it would make the final payment, according to the agreement.

The Brazilian state-run oil company has the largest debt load of any oil major in the world and is trying to overcome a massive corruption scandal, so there was doubt in the sugar sector if it would complete its investment in Guarani.

"Petrobras carried out today the final subscription which enabled it to increase its participation in Guarani's capital to the level set in the agreements," said Tereos.

A Petrobras representative could not immediately be reached for comment. Sao Paulo-based Tereos Internacional declined to comment further.   Continuación...