JBS puts off US IPO to unspecified date

Cites poor market conditions

Global beef processing leader JBS SA is holding off on the initial public offering of its U.S. unit, which recently acquired Pilgrim’s Pride. JBS had announced in November that it would set the price for its IPO in mid-January, but recently decided to defer the sale because of poor market conditions, according to Bloomberg News.

The $2 billion IPO may still take place in the first half of 2010 if market conditions improve, said Joesley Batista, the company’s chief executive officer. The company must also complete a request from the Brazilian government to factor the acquisitions of Bertin SA and Pilgrim’s Pride into its fourth-quarter earnings before it can make the share sale. JBS SA is based in Brazil.

The company’s Brazilian stock has nearly doubled in the last year, according to Bloomberg.

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