Global commodities trader and food processor Cargill is in talks with Brazil's Copersucar to exit their sugar trading joint-venture, Alvean, the Brazilian company said in a statement.
Cargill is negotiating to sell its 50% share in the JV to Copersucar, which would become the sole owner of the business.
'The shareholders are discussing an agreement ... As soon as a deal is reached, we will inform the market in an appropriate manner,' Copersucar said, adding that there would be no changes to Alvean's structure or in the way it serves its clients.
World's Largest Sugar Trader
Alvean is the world's largest sugar trader, moving more than 10 million tonnes per year. The venture had a share of 32% of total Brazilian sugar exports in the 2019-20 season.
No financial details were disclosed regarding the value of Cargill's 50% stake in Alvean.