SAO PAULO, Aug 14 (Reuters) - Cosan SA Industria e Comercio, Brazil's biggest sugar and ethanol producer, haspulled out a deal to buy a stake in logistics company ALLAmerica Latina Logistica SA, it said in a filing onWednesday.
The deal, which called for Cosan to buy up to 900 millionreais ($391 million) in ALL shares, had been announced earlylast year but depended on conditions that have not been met yet,Cosan said. It will hold a conference call at 14:30 local time(1730 GMT) to provide further details.
Cosan posted a surprise second-quarter loss due to thenoncash impact of a weaker local currency on dollar-denominateddebt. It has looked for other revenue sources recently, asBrazil's sugar and ethanol industry has been weak since the 2008U.S. banking crisis.
Cosan already controls logistics company Rumo Logistica andis a partner with oil major Royal Dutch Shell in a fueldistribution and sugar venture called Raizen.
In late June, Cosan said ALL was not completing sugarshipping contracts because it had prioritized grains shipments.ALL responded that it gave no priority to one kind of cargo overanother, but acknowledged that it had not been able to transporteverything it committed to due to delays in the expansion ofrail lines and port capacity.
