Brazil, JBS loses bits. Sold to Minerva properties in Argentina, Uruguay and Paraguay

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JBS, the Brazilian meat multinational in the storm for the political-judicial scandal Lava Jato, sold to Minerva’s competitor production facilities in Argentina, Paraguay and Uruguay. The figure for the agreement, which should close by July, is around 266 million euros. As a result of the intent, the JBS title lost 8% on the stock market, while Minerva’s share earned 5%. Of the 5 Argentine JBS plants, four currently are not operational. According to Minerva, reports Reuters, they will resume activities when market conditions make it possible. For JBS, who started the transformation from a major national player in the world’s meat power by launching acquisition campaigns in neighbouring Argentina, a loss of strong symbolic value. Meanwhile, there are other holding companies in the market, including the Alpargatas footwear group, which needs liquidity to contain the losses and prepare the payment for the amount granted for the shoe.

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