BRAZIL: JBS completes Independencia Group takeover
JBS announced the deal in April last year
Brazilian beef group JBS has completed the acquisition of local indebted beef processor Independencia Group.
JBS, which announced last April it wanted to buy the business, today (1 February) confirmed it had concluded the deal made for BRL268m (US$142.8m).
The company has acquired four beef processing plants, two hide processing plants, two storage and distribution centres and all of Independencia's brands as part of the deal. The acquisition was paid through the transfer of 23m shares of JBS held in treasury.
JBS S.A. (“JBS” or the “Company”), in accordance with CVM Instruction No. 358, dated January 3, 2002, and further to its April 23, 2012 press release, informs its shareholders and the market in general that, on this date, it has concluded the acquisition of (i) certain assets held by BNY Mellon Serviços Financeiros Distribuidora de Títulos e Valores Mobiliários S/A, acting in its capacity of fiduciary agent for the holders of bonds issued by Independência International.
Such assets which belonged to Independência were fiduciary assigned to the bondholders as collateral and were ultimately transferred to them after the default by the issuer and guarantors of obligations under the corresponding indenture, all in accordance with the terms of the corresponding documents and applicable law; and (ii) deficiency claims of certain creditors of Independência (such assets and rights collectively referred to as “Assets”).
The acquired Assets include four beef processing plants (slaughter and deboning) located in Nova Andradina (MS), Campo Grande (MS), Senador Canedo (GO) and Rolim de Moura (RO); two hide processing facilities located in Nova Andradina (MS) and Colorado D’Oeste (RO), and two storage and distribution centres located in Cajamar (SP) and Santos (SP).
The acquisition was paid by means of the transfer of 22,987,331 common shares of the Company that were being held in treasury. The use of such shares was authorized by CVM under Process RJ2012/9843 and unanimously approved by the members of the Company’s board of directors at a meeting held on January 30th, 2013.
Original source: JBS
US breakfast cereal group Post Holdings kicks off a relatively quieter week of results with its half-year numbers on Monday. On Tuesday, meat giants Marfig and JBS will report on how it fared in the f...
Marfrig has said the sale of its domestic poultry business would make the Brazil-based meat group "stronger" and allow it to focus on growth opportunities elsewhere....
Kettle Chips owner Diamond Foods has named former A&P CFO Raymond Silcock as its new finance chief....
Brazilian meat giant JBS is to buy domestic poultry business Seara Brasil from local rival and fellow international meat processor Marfrig....
- Comment: Nestle reacts to world of 3G and Buffett
- Why it is too early to call Unilever food revival
- France takes big step to uniform FOP labels
- What the analysts say: The verdict on Danone's Q1
- How will Flowers Foods grow in speciality bread?
- Unilever food, refreshment sales rise
- Fonterra says rain needed to maintain milk supply
- Organic food sales in US up 11% in 2014
- UPDATE: Danone CEO upbeat on 2015 growth
- Nestle in "exclusive" Davigel talks with Brakes