November 29, 2019 / 11:55 AM / 15 days ago

Brazil development bank BNDES delays sale of JBS shares: paper

RIO DE JANEIRO, Nov 29 (Reuters) - Brazilian development bank BNDES has delayed a sale of about 8 billion reais ($1.91 billion) of shares it holds in meatpacker JBS SA until January due to unspecified bureaucratic hurdles, a newspaper reported on Friday.

BNDES Chairman Carlos Thadeu said earlier in November that the bank planned to sell the shares through a secondary offering this year, a move that would roughly halve its 21.3% stake and represent another step in the government’s ongoing campaign to reduce its role in the economy.

On Friday, Brazil’s O Estado de S. Paulo said without specifying how it obtained the information that the bank had delayed that sale to January.

JBS and BNDES did not immediately respond to a request for comment.

$1 = 4.20 reais Reporting by Gram Slattery; Editing by Alex Richardson

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