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Financial News: JBS: Company Draws Back From Listing Subsidiary In

JBS: Company Draws Back From Listing Subsidiary In The United States

10/16/2017 - 18:04:00 (RTTNews)

(RTTNews) - Brazilian meatpacker JBS abandoned the efforts to list its subsidiary JBS Foods in the United States. In a statement, the company says that the SEC has 15 days to defer the request.

The JBS group is under scrutiny since its owners, Joesley Batista and Wesley Batista signed a plea-bargain deal amid a high-profile corruption scandal in Brazil. The company was also on a divestment spree in an attempt to reduce debt levels and raise cash to pay the penalties related to the plea-bargain deal.

In August, JBS sold a 19.43% stake in Vigor Alimentos to the Mexican Grupo Lala for R$ 780 million - R$ 1.1 billion including the transfer of debts. It also sold its stake in Alpargatas - the maker of Havaianas sandals - and assets in South America in other transactions with Brazilian companies.

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