Noble Group, Asia’s largest commodities trader, has signed a deal to take over two mills owned by Brazilian sugar and ethanol group Cerradinho, a local newspaper reported on Thursday.

The Singapore-listed firm (NOBG.SI) would pay nearly 1 billion reais ($775.3 million), including cash and debt, O Estado de S.Paulo said, without specifying where the information came from.

It added the deal would still need to be formally approved by Cerradinho’s board of directors, which is expected to happen early next week.

A Cerradinho spokeswoman told Reuters that the company could not confirm the deal. Executives at Noble offices in Sao Paulo were not immediately available to comment.

Cerradinho was seeking a minority shareholder as part of a broader corporate restructuring.

In November, BP (BP.L) bid 800 million reais for a 50% stake in the group, but the deal was rejected, according to reports from local media that were not confirmed by the companies.