JBS denies interest in Independência
18/11/2009
The president of Brazilian packer and tanning group JBS, Joesley Batista, has distanced his company from a possible acquisition of rival packer firm Independência.
Independência filed for bankruptcy protection on March 2 this year, but put through a recovery plan at the start of November, including a payment plan that reduces its debts to around $1 billion. Reports have since emerged that shareholders also agreed in November that the best thing for Independência would be for it to sell shares or even a controlling interest to raise cash.
Mr Batista told Brazilian media on November 17 that JBS, which is in talks to merge with another large packer and tanning group, Bertin, was not interested in negotiating a deal with Independência.
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