JBS’ holding company denies government interference in Delta deal

J&F Participações, which is the holding company that owns JBS, the world’s largest meat processor, last Friday (May 11) released a statement denying that the Brazilian government had interfered in the company’s negotiations to buy Delta Construções. “The BNDESPar stake in JBS does not make it a direct or indirect shareholder in any of the holding company’s businesses, nor does it give it the right to interfere in policy at J&F, says JBS.

J&F, however, claims that José Batista Junior, who has told the media that the deal had been approved by the federal government, despite being one of the shareholders in the holding company, has not been in an executive position in the group for seven years, which means he plays no part in J&F’s strategic planning. “His comments solely and exclusively reflect his personal opinion, which is totally at odds with the facts as they stand,” said the statement.

“The entire negotiation is being directly handled by Joesley Batista, the president of the holding company J&F, and the Delta shareholders. J&F sees the questions related to the sale of Delta as completely natural, and is available to the authorities to provide any explanations required,” adds the statement.

Information provided by Valor Economico