BRAZIL: JBS silent over poultry unit IPO report
JBS has refused to comment on speculation it is looking to raise funds through an IPO of its poultry and processed foods division.
Brazilian meat firm JBS has refused to comment on "press speculation" it plans to raise BRL3bn (US$1.36bn) through an initial public offering of its poultry and processed foods division.
According to a report in The Wall Street Journal, "the firm plans to use the proceeds to pay down debt and make investments".
The news was first reported on the website of local publication Exame which suggested five investment banks including Banco Itaú BBA, Banco Santander, BTG Pactual and JP Morgan have been appointed to manage the IPO.
Speaking to just-food today (14 April), a spokesperson for JBS said it had "not issued any statement regarding an IPO". The spokesperson added: "The press is speculating and the company is not going to comment on speculation in the press."
In 2014, frozen processed food recorded a current growth rate of 14% in value terms, reaching R$6.2 billion in 2014. Despite of the leadership that Brf Brasil Food has in this category, the competitio...
Canned food products refer to processed food items that are available in airtight suitable metal cans with added preservatives. Short cooking time, long shelf life, and easy storage are some of the fa...
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