Rumo Eyes Stake Deal With Cofco and Bunge

Rumo is at the center of advanced talks as global agricultural tradings Cofco and Bunge negotiate to acquire a 15% stake in the rail operator. Cosan, which currently holds a 20.33% direct stake alongside a 9.94% economic exposure through total return swaps executed in late 2025 to bring forward R$ 2.8 billion in cash, is negotiating how power will be shared. Grupo México also evaluated the asset but stepped back from talks for now.

If the 15% sale concludes, Cosan will reduce its direct holding to around 5.3%, yet it will retain an overall economic exposure of 15.27%. This structure leaves the sellers with a footprint virtually equal to the stake being purchased by the two tradings, meaning Cofco and Bunge would not secure outright control. The transaction fits into Cosan's target to raise R$ 10 billion from asset sales by May 2027, with at least half of that total already collected.

The strategic interest reflects Rumo's vital role in Brazilian grain logistics. In 2025, soybeans accounted for 31% of the rail network's transported cargo, while corn represented 21%. Its Malha Norte corridor, which links Mato Grosso to the Port of Santos, concentrated 82% of all volume moved by the company.

Rumo is currently deploying an investment of R$ 11.2 billion to expand the Malha Norte railway by 740 kilometers into Mato Grosso. Partnering in the network would give Cofco and Bunge a direct voice in capacity expansion, terminal developments, and cargo flows along this key export corridor.