J&F to sell Alpargatas for $1.1 billion - leatherbiz: Leading news sit Leatherbiz

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J&F to sell Alpargatas for $1.1 billion

14/07/2017
J&F Investimentos has agreed to sell casual footwear manufacturer Alpargatas to the investment units of two of Brazil’s most important banking families for 3.5 billion reais ($1.1 billion), Reuters has reported. 

Reports earlier in the week had suggested that the deal had collapsed due to a disagreement over price.

A financial filing on July 12 revealed that Cambuhy Investimentos, Itaúsa Investimentos and the Brasil Warrant fund will split J&F’s 86% stake in Alpargatas.  

Proceeds from the deal are likely to go towards paying plea bargains and fines incurred as part of a scandal that has engulfed J&F. It involves another of its companies, meat and leather producer JBS. 

Related stories:

Alpargatas sale may be affected by JBS plea-bargain uncertainty 25/09/2017
JBS concludes beef plants sale to Minerva 01/08/2017
Alpargatas deal off after price dispute 11/07/2017
JBS sees appeal over asset sales rejected 05/07/2017
New compliance programme says JBS will ‘always do the right thing’ 29/06/2017
Alpargatas on verge of second sale in 18 months 28/06/2017
Brazil’s president formally charged over JBS scandal 27/06/2017
JBS announces the sale of further assets 20/06/2017
Timeline of turbulent month for JBS 15/06/2017

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