Ruling halting sale of JBS assets to Minerva upheld
Supreme Court upholds decision earlier made in lower federal court
A Brazilian Supreme Court justice upheld decision made in a lower federal court that ordered JBS to stop the sale of South American beef assets to Minerva.
The planned transaction was valued at US$300 million.
Justice Edson Fachin, according to a Reuters report, agreed with the earlier ruling that JBS' deal to sell beef plants in Argentina, Paraguay and Uruguay could be a hindrance to the the investigation of a corruption scandal involving JBS.
JBS stated that it intended to take necessary legal measures to appeal the earlier decision. The company also has the option to appeal the most recent decision to the full Supreme Court.
JBS had also earlier announced intentions to sell Northern Ireland poultry company Moy Park, Brazilian dairy company Vigor and U.S.-based JBS Five Rivers Cattle Feeding. However, the Brazilian attorney general’s office urged state auditors to freeze the company’s assets amid the investigation of the scandal.
Brazilian top court justice upholds barring JBS assets sale to Minerva
A Brazilian Supreme Court justice has upheld a lower court decision that ordered the world's largest meatpacker, JBS SA, to halt the sale of $300 million worth of South American assets to Minerva SA, according to a court document.