Rumo Explores Potential Sale of Stake in Latin America’s Largest Port Terminal

Rumo, Brazil’s largest independent railway operator, is weighing the sale of its stake in a terminal located in Latin America’s biggest port, according to people familiar with the matter.

Rumo, which is controlled by energy and infrastructure conglomerate Cosan, engaged Banco Itau BBA as it considers the sale of the T39 terminal in the port of Santos, said the people, asking not to be named as the talks aren’t public.

The asset lured interest from agricultural commodities traders, the people said, declining to give an estimate of how much the sale could fetch. Rumo has a 50% stake in T39; soybean trader and processor Caramuru Alimentos SA owns the other half.

Rumo, Itau and Caramuru declined to comment.

Last year, Rumo sold a 80% stake in two terminals at the port of Santos to Corredor Logistica e Infraestrutura SA, known as CLI, for 1.4 billion reais ($277 million). At that time, Macquarie Group Ltd.’s asset-management arm agreed to scoop up a 50% stake in CLI, helping it fund the acquisition.

Rumo operates roughly 13,500 kilometers (9,000 miles) of railways linking farming states including top soybean producer Mato Grosso to export terminals. The company’s stock is up 22% this year.

Source: Bloomberg Línea

To read the original news report, please check: https://www.bloomberglinea.com.br/negocios/rumo-avalia-venda-de-fatia-em-terminal-portuario-em-santos-segundo-fontes/

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