JBS sale of packer plants to go ahead
17/07/2017
JBS announced the sale of these assets to companies controlled by rival group Minerva on June 6. However, a judicial ruling on June 21 prevented the sale from going ahead. JBS said immediately it would appeal that decision and its appeal has been successful.
In a separate development, the company, which faces steep fines for its role in a corruption scandal that has gripped Brazil since May, announced on July 14 that it has reached an agreement to sell its beef cattle feedyard and adjacent farmland in Brooks, Alberta, Canada (subject to regulatory approval). The buyer in this case is MCF Holdings, which will pay around $40 million for the facility, acquired by JBS at the start of 2013.
JBS will continue to run an abattoir in Brooks, acquired at the same time. And under terms of the new agreement, MCF will continue to supply cattle to the JBS beef processing facility there.
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