Brazilian meat groups JBS and Bertin have reached an agreement to unify operations, the companies revealed today (16 September).
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According to current estimates, JBS said it will control approximately 60% of the new enterprise, while Bertin will hold the remaining 40%.
The controlling shareholders of JBS – J&F Participações and MF Fundo de Investimento em Participações – have agreed to establish a holding company which will hold all of JBS’s shares, while Bertin will contribute shares representing 73.1% of Bertin’s capital.
The parties are currently analysing the best structure for an integration of the two companies’ operations, JBS said.
JBS is also currently in an “advanced process” of negotiating a US$2.5bn capitalisation through private subscription in JBS USA Holdings. The association agreement formed between Bertin and JBS is subject to approval from JBS USA.
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By GlobalDataIn addition, the deal still requires approval from Brazil’s antitrust authorities.
In a separate announcement today, JBS said that it intends to take a controlling stake in US poultry group Pilgrim’s Pride.
