Brazil's JBS Plans U.S. IPO for Foods International Unit
December 05 2016 - 7:20PM
Dow Jones News
SÃ O PAULO—Brazilian meatpacking giant JBS SA said late Monday
it is planning a U.S. initial public offering of its JBS Foods
International BV unit in the first half of next year.
JBS Foods International is a new subsidiary of JBS that groups
together the company's international operations. JBS said it will
retain control of the new unit and will continue to manage and
control the company's Brazilian beef unit operations.
The company didn't provide any information on how big a stake
will be sold, or for how much.
Earlier this year, the company announced a plan to spin off its
international businesses into a new company with headquarters in
Ireland and list the new company's shares in the U.S. That plan
could have turned the Irish company into the parent of the
Brazilian company.
JBS had to cancel that plan after the Brazilian state
development bank, which owns a significant stake in the meat
packer, rejected the proposal.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
December 05, 2016 19:05 ET (00:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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