Brazil: JBS considers divestitures for over 2 billion euros

Voices had already been going around, in regards to the possible sale of Alpargatas. While the news on a shift on production plants to Minerva, in Paraguay, Uruguay and Argentina is now official. Yet, according to S&P, J&F, the holding company of JBS (meat processor), is getting ready to divest even more. To be able to confront the recent financial hits caused by the Lava Jato scandal, Batista’s brothers J&F has instructed two banks to find possible buyers for assets of the value of 8 Million Real (over 2 billion euros). Among the subsidiaries for sale, is Vigor, (agribusiness), as well as companies operating in the paper and cosmetics industries. JBS group has in the meanwhile reorganized its management team, starting with assigning to Marcelo Proença, Lawyer in Sao Paulo, as compliance attorney, meaning that he will have the responsibility of checking the internal processes of the firm. Better late than never. In addition, the firm has also promoted Gilberto Xandò, ex-Ceo of Vigor since 2011, to the board of directors, to take the now-empty seat of Joesley Batista.


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