Brazilian energy giant - Cosan which produces Brazil's major ethanol is planning to acquire ExxonMobil’s operations in Brazil for $826m for a direct control of more than 1,500 fuel stations in Brazil.The take-over will inherit $163m in debt from ExxonMobil and $35m in net credits specific for the fuel stations operation. However, ExxonMobil is still in charge of its major chemical plants and upstream oil and gas operations especially at offshore Santos Basin.
Analysts are looking at the strategic move as a favorable one since it lets Brazil Cosan to take charge of the fuel stations for distribution of its vast production of Brazil's ethanol.
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