The Batista family and BNDES are in open war in Brazil: meanwhile, the company stock loses value

Low blows, threats of lawsuits, and stock prices falling. The war between the Bastista family, majority shareholder of the meat multinational JBS (through J&F), and government bank BNDES, head of the minority shareholders and displease by the recent developments of the Lava Jato scandal, is becoming even more serious. After the precautionary measures taken by the bank against the Batista brothers (Joesley and Wesley), JBS’s board nominated José Batista Sobrinho (patriarch of the family). Paulo Rabello de Castro, BNDES’s president, defined the board’s move as “winding” (the term reported by international news mediums, can also be translated as ‘devilry’). According to different sources, JBS may be ready to file a lawsuit against the bank, which holds 20% of the shares, because by making such comment on the board’s decision, it might have damaged the holding. While the two sides continue the in-fighting, JBS (listed in Sao Paolo), lost 3.95% during one day of trading alone (September 18th), which is a loss of 300 million dollars in capitalization.


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