JBS beef units to be sold

JBS beef units to be sold

The agreement with buyer is the first by embattled JBS since its founders admitted to paying bribes to Brazilian politicians in exchange for favors in a scandal that threatens to topple President Michel Temer.

The buyer, Minerva SA, will pay 280 million USD in cash for the transaction and the balance will be paid after the conclusion of due diligence. Even before that JBS closed processing plants in Argentina as its business came under pressure from export quotas, who wanted to limit sales abroad to boost domestic supplies and control meat prices. Of the five plants acquired from JBS in Argentina, four are closed and will remain so until market conditions improve there. All plants on sale have certification to export to the United States, Japan and China.