August 13, 2019 / 2:56 PM / 4 months ago

CORRECTED-Brazil's Cosan says JV with Mexico's FEMSA to open 500 stores

(Corrects to clarify that stores to be opened are both OXXO and Select, not only OXXO)

SAO PAULO, Aug 13 (Reuters) - Brazil’s energy and logistic group Cosan SA said on Tuesday the joint venture formed between Raízen and Mexico’s FEMSA to explore the convenience market in Brazil will open 500 stores with the OXXO and Select brands in the next three years.

Cosan is a partner of Royal Dutch Shell Plc in the JV Raízen, who signed the deal with FEMSA earlier this month. The new venture, valued at 1.12 billion reais ($283.12 million), will also manage the Select stores at Shell service stations in Brazil.

$1 = 3.9559 reais Reporting by Marcelo Teixeira Editing by Chizu Nomiyama and Howard Goller

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