MANILA, Philippines -- San Miguel Corporation said Tuesday it would team up with Toyota Tsusho Corp. of Japan to buy a grains terminal at the mouth of Manila Bay.

"We confirm that the company and Toyota Tsusho Corp. are in negotiations with Asian Terminal Inc. for the acquisition of the Mariveles Grains Terminal in Bataan," San Miguel said in a statement.

The firm is Southeast Asia's largest food and beverage group.

Press reports said the joint-venture deal for the port facility would cost P1.6 billion ($34.9 million) and should close by yearend, making San Miguel the regional leader in grain distribution and logistics.

San Miguel would have a 60-percent controlling share, the reports said, quoting company president Ramon Ang.

The company statement did not provide details.