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Rumo cancels agreement to sell stake in Brazil Port Terminal to Bunge, Zen-Noh Grain

Brazilian rail operator Rumo has terminated a 2024 deal to sell a part of the terminal at Latin America’s largest port, to U.S. commodities traders Bunge and to a subsidiary from Japan’s Zen-Noh Group.

Rumo stated in a filing with the Securities Commission that the conditions of the agreement for a 50% stake in the XXXIX Terminal, located in Santos Port, had not been fully met before the deadline. It did not give any further details.

The parts were

Announcement of the Deal

Rumo reported that the agreement would be worth 600 million reais ($107.44 millions) in May 2024.

Bunge released a statement confirming the termination, stating that it had accepted Rumo’s decision. Zen-Noh Grain didn't immediately respond to an outside of normal business hours request for comment.

Caramuru Alimentos is the Brazilian grain processor that owns the other 50%. ($1 = 5,5845 reais). (Reporting and editing by Brendan O'Boyle; Patricia Vilas Boas, Andre Romani)

(source: Reuters)