Updates brief with further details and context
SAO PAULO, June 5 (Reuters) - Brazilian rail operator Rumo RAIL3.SA said it has decided to terminate a 2024 agreement to sell part of a terminal at Latin America's largest port to U.S. commodities trader Bunge BG.N and a subsidiary of Japan's Zen-Noh Group.
In a securities filing, Rumo said that conditions set in the agreement for the 50% stake in the XXXIX terminal, located in the Santos port, were not fully satisfied before the established deadline. It did not provide further details.
The parts had announced the deal in May 2024 with Rumo saying the binding agreement was worth 600 million reais ($107.44 million).
Bunge confirmed the termination in a statement, saying it has accepted Rumo's decision. Zen-Noh Grain did not immediately respond to a request for comment outside normal business hours.
Brazilian food and fuel processor Caramuru Alimentos, one of the country's largest grain crushers, holds the remaining 50% of the terminal.
($1 = 5.5845 reais)
(Reporting by Andre Romani and Patricia Vilas Boas; Editing by Brendan O'Boyle)
((Andre.Romani@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.