Ultrapar: Newsflow suggests Ultra has withdrawn from its bid to acquire Rumo

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Ultrapar: Newsflow suggests Ultra has withdrawn from its bid to acquire Rumo

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Ultrapar

Newsflow suggests Ultra has withdrawn

from its bid to acquire Rumo

Maintain Rating: NEUTRAL | PO: 33.00 BRL | Price: 25.60 BRL

Ultrapar reportedly withdrew its bid to acquire Rumo 28 June 2026

Lauro Jardim from O Globo reported today that Ultrapar has withdrawn from its bid to Equity

acquire Rumo, which Cosan has put up for sale as part of its efforts to reduce its debt

Leonardo Marcondes >>

burden. According to the news report, the bank responsible for the sale process received Research Analyst

a formal letter last week notifying Ultrapar’s decision to exit the sale process. Merrill Lynch (Brazil) leonardo.marcondes@bofa.com

Additionally, eight other potential bidders are still evaluating the asset. We maintain our

Rogerio Araujo >>

Neutral Rating on Ultrapar. Research Analyst

Merrill Lynch (Brazil)

According to news, Ultra had bought ~5% stake in Rumo rogerio.araujo@bofa.com

Caio Ribeiro >>

Notably, in November 2025, Brazil Journal reported that Ultra had been building a Research Analyst

position in Rumo and was already approaching 5% of the capital. Additionally, Ultrapar's Merrill Lynch (Brazil) caio.ribeiro@bofa.com

structure was through a total return swap, an operation in which an investor pays a fixed

Nicolas Barros >>

or variable rate to a bank - which buys the stock on the exchange - and gains exposure Research Analyst

to the asset's returns. See our note, News report that Ultra is approaching 5% stake in Merrillnicolas.barros@bofa.comLynch (Brazil)

Rumo for more details. Gabriel Frazao >>

Research Analyst

Acquisition newsflow has been a key investor concern Merrillgabriel.frazao@bofa.comLynch (Brazil)