JBS of Brazil to Sell R$300 Million in Overseas Operations

The company, embroiled in a corruption scandal, announced the sale of its beef operations in Argentina, Paraguay and Uruguay to reduce its financial leverage.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The meatpacking giant of Brazil, JBS announced on Tuesday (May 6th) that it will sell its beef operations in Argentina, Paraguay and Uruguay. The subsidiaries were acquired for a total value of US$300 million.

“The transaction was unanimously approved by the JBS Board of Directors of JBS and is conditioned to the approval of the (Brazil’s) Administrative Council for Economic Defense (CADE),” said the statement issued by the company.

According to the statement, the company plans to use the proceeds obtained from the transactions to reduce its financial . . .

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