SAO PAULO, Sept 17 (Reuters) - Black River Asset Management LLC, Cargill Inc’s global asset management firm, is in “advanced negotiations” to buy two Brazilian sugar cane mills from Grupo Ruette for around 700 million reais ($179 million), newspaper Valor Economico said on Thursday.
The two mills in Sao Paulo state produce 3.7 million tonnes of sugar per year, according to Valor, which did not say how it obtained information about the ongoing deal.
Cargill and Grupo Ruette representatives did not immediately respond to request for comment.
Brazilian cane mills have been struggling with weak sugar and ethanol prices in recent years, putting more mills in or on the verge of bankruptcy protection while they try to restructure their debts.
$1 = 3.9 reais Reporting by Caroline Stauffer Editing by W Simon