Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake
Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui, Bloomberg reported.
The sale process is already underway, Bloomberg reported, citing two people with direct knowledge of the matter.
Rotterdam-based Louis Dreyfus and Brazil's Amaggi hold their stake in the terminal through a joint venture, Bloomberg said.
The terminal provided much-needed capacity for the shipment of crops such as soybeans, of which Brazil is the world's largest exporter, the report said.
Louis Dreyfus and Amaggi were not immediately available for comment.
Commodity, industrial and merchant companies have been trying to dispose of their logistics assets in Brazil as Latin America's largest economy struggles with the harshest recession in decades and political turmoil is increasing regulatory uncertainty for ports and other infrastructure assets.
Brazilian steelmaker Cia Siderúrgica Nacional SA was last month assessing options besides a sale for container terminal operator Sepetiba Tecon SA.
(Reporting by Nikhil Subba in Bengaluru)