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JBS says Brazil court has cleared unit sale to Minerva
July 13, 2017 / 12:24 PM / 4 months ago

JBS says Brazil court has cleared unit sale to Minerva

SAO PAULO, July 13 (Reuters) - JBS SA, the world’s No. 1 meatpacker, said on Thursday that a Brazilian appeals court has cleared a planned $300 million sale of a South American meatpacking unit to rival Minerva SA.

In a ruling late on Wednesday, the Regional Federal Court of the 1st Region in Brasilia allowed JBS to engage in “purchases and sales of any assets of its own, especially that that encompasses meatpacking assets in Argentina, Paraguay and Uruguay.” The ruling overturned a June 21 decision by Federal Judge Ricardo Leite to block the deal, on grounds a sale could harm a probe against JBS’s controlling Batista family.

Efforts to obtain the ruling from the court’s press office were not immediately successful. (Reporting by Guillermo Parra-Bernal)

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