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The firms agreed to cancel mutual time-bound buyout options, established when Raizen was created in 2011, to form a "permanent" union, according to a Shell statement.
"Low-carbon, sustainable biofuels play an important role today and will be required long term for heavy duty and long distance transport. We are pleased with Raízen's strong performance," Shell downstream director John Abbott said.
Raízen produced more than 4Mt of sugar, 2Bl of ethanol and 2.2GWh of cogenerated energy in 2015, making it one of the world's largest sugarcane companies.
It also operates more than 5,800 Shell-brand service stations in Brazil.