A federal judge in Brazil has blocked the planned sale of JBS’ beef assets in Argentina, Paraguay and Uruguay to rival meat company Minerva.
JBS, earlier in June, had announced the planned transaction, which was expected to raise about US$300 million for the company. JBS announced in a material fact on its website that it will take the necessary legal measures in order to appeal the decision. The material fact is signed by JBS Investor Relations Officer Jeremiah O’Callaghan.
Meanwhile, the Brazilian attorney general’s office has urged state auditors to freeze the company’s assets amid a corruption scandal. That recommendation came on the heels of JBS announcing that it intends to sell its stake in Northern Ireland poultry company Moy Park, Brazilian dairy company Vigor Alimentos and U.S.-based JBS Five Rivers Cattle Feeding.
Brazil blocks JBS deal, seeks asset freeze amid corruption probe
BRASILIA (Reuters) - A Brazilian judge has blocked JBS SA's planned sale of a South American unit while the attorney general's office urged the company's assets be frozen, in signs of fallout from a corruption probe involving the controlling shareholders of the world's No. 1 meatpacker.