JBS-Minerva transaction gets OK from antitrust agency
Deal, however, remains uncertain as Supreme Court justices upholds ruling to halt transaction
Brazilian antitrust agency Administrative Council for Economic Defense (CADE) gave approval to a proposal for JBS to sell its beef assets in Argentina, Paraguay and Uruguay to rival Brazilian meat company Minerva.
CADE agve approval to the proposed transaction on July 10, according to a Reuters report, however, the deal remains in limbo as a Supreme Court justice recently upheld an earlier ruling from a lower court to stop the transaction from occurring.
JBS in June announced a deal that it would sell those beef assets to Minerva in a US$300 million. However, the courts took measures to stop that deal from happening while JBS is being investigated for its involvement in a corruption scandal.
JBS had earlier stated that it intended to appeal the ruling.
JBS has also revealed its intent to sell Northern Ireland-based poultry company Moy Park, Brazilian dairy company Vigor and the North America-based JBS Five Rivers Cattle Feeding.
Brazil watchdog approves Minerva's purchase of JBS Mercosur assets
Brazil's antitrust watchdog Cade approved on Monday Minerva SA's purchase of rival JBS SA's South American assets without restrictions.