BP (NYSE:BP) Makes Bid for Brazil's Cerradinho

Reports from a Brazilian newspaper say BP (NYSE:BP) has made a bid for Cerradinho sugar and ethanol group, based in Brazil.

BP has reportedly offered $466 million to gain a 50 percent stake in the company.

According to the O Estado de S.Paulo newspaper, talks have been going on for several months, and the board of Cerradinho is expected to give an answer one way or the other soon.

Neither company would comment on what the identified as market rumors.

It does seem the bid by BP was made, and if it's rejected, there are several other suitors like Bunge (NYSE:BG) and Noble (NYSE:NBL), among others, who Cerradinho could seek as a minority shareholder, which admittedly is their goal at this time.

Cerradinho said, "The company is analyzing several options and almost got to a decision, but hasn't concluded anything yet. We'll likely
have a decision by December."