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JBS makes bid for Independêndcia

After buying or leasing seven slaughterhouses since the beginning of the year and expanding cattle slaughter capacity in Brazil by more than 10%, JBS has submitted a formal proposal to buy Independêndcia’s assets, a company that has been in bankruptcy protection since 2009.

JBS has declined to comment. Valor newspaper could not contact a representative of Independêndcia, but has discovered that the offer is around R$ 270 million. It is unclear whether or not JBS would assume Independêndcia’s debts, which even after 50% discount accepted by its creditors are still around R$ 1 billion.

These creditors will evaluate the proposal at a meeting to be held on April 30. To close the deal, approval is needed by Brazil’s state-owned development bank, BNDES.

Information provided by Valor Economico



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