Brazil's Cosan weighs options for rail unit Rumo, talks still preliminary
Brazil's Cosan weighs options for rail unit Rumo, talks still preliminary SAO PAULO, June 29 (Reuters) - Brazil's Cosan CSAN3.SA, a conglomerate spanning energy, agribusiness and logistics, is exploring strategic alternatives for its rail freight unit Rumo RAIL3.SA, it said in a securities filing on Monday.
The company said it has hired investment bank BTG Pactual to advise on the process, adding that no decisions have yet been made.
Cosan said discussions around Rumo are at an early stage, with no resolution reached on its stake or on any potential terms and conditions.
The initiative is part of a broader effort by Cosan to reduce its leverage. The group has been actively restructuring its portfolio, including a recent overhaul of Raizen RAIZ4.SA, its sugar and ethanol joint venture, as it seeks to streamline operations and strengthen its balance sheet.
(Reporting by Luciana Magalhaes, Editing by Louise Heavens)
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