Sao Paulo | Reuters — Striking truckers in Brazil have disrupted supply and exports of farm produce from one of the world’s agricultural commodity powerhouses. Brazil is the top global exporter of soybeans, sugar, coffee and chickens. The strike over high fuel prices has paralyzed Latin America’s largest economy, emptied Brazilian roadways and left major […] Read more
Chickens culled as Brazil truckers disrupt commodity exports
Marfrig to buy control of U.S.-based National Beef
Sao Paulo | Reuters –– Brazil’s Marfrig Global Foods said Monday it would buy control of Kansas City-based National Beef Packing for US$969 million, in a deal that would make it the world’s No. 2 beef processor. Marfrig also said it was seeking to sell an existing U.S. unit, Keystone Food. The proceeds will be […] Read more
JBS still keen on U.S. IPO despite scandals
Sao Paulo | Reuters — JBS SA, the world’s largest meatpacking firm, remains intent on a stock market listing of subsidiary JBS Foods International in the U.S. despite corruption and food safety scandals, executives said on Thursday. In April all of JBS operations will meet U.S. auditing and compliance requirements under the Sarbanes-Oxley Act, JBS […] Read more
Brazil pushes back decision on Bayer-Monsanto tie-up
Sao Paulo | Reuters — Brazilian antitrust agency Cade on Wednesday extended its deadline to review Bayer’s proposed takeover of Monsanto by 90 days to late March, potentially spoiling plans to wrap up the US$66 billion tie-up by the end of the year. A spokesman said Cade had approved the extension at a session on […] Read more
JBS still seeks U.S. unit IPO
Sao Paulo | Reuters — JBS SA will proceed with plans to list a U.S.-based unit when market conditions allow, as the world’s No. 1 meatpacker wrestles with a shareholder revolt over the role of the controlling Batista family in a massive graft scandal. In a Tuesday conference call to discuss second-quarter results, CEO Wesley […] Read more
Brazil federal police raid JBS on insider trade probe
Sao Paulo | Reuters — Brazil’s federal police on Friday raided the offices of JBS SA to investigate the alleged use of insider information in financial market dealings, pushing shares in the embattled meatpacker to a two-week low. Police said there were indications that JBS and controlling shareholder FB Participacoes SA gained an unfair advantage […] Read more
JBS sells LatAm units to Minerva
Sao Paulo | Reuters — JBS SA has agreed to sell plants in Argentina, Paraguay and Uruguay to rival Minerva SA for US$300 million, as the world’s largest meatpacker seeks cash to weather a corruption scandal that caused a spike in funding costs. JBS will use proceeds from the transaction to cut debt, according to […] Read more
JBS scandal might reduce Brazil meat supplies, industry group says
Sao Paulo/Cuiaba | Reuters — An unfolding corruption scandal involving meatpacker JBS SA may reduce meat supply in Brazil, potentially benefiting rivals of the world’s largest beef exporter, industry group Abrafrigo said. Since the scandal broke, JBS and ranchers have been at odds, with the company deciding to stop buying cattle for cash and producers […] Read more
JBS shares soar as speculation mounts over crisis fallout
Cuiaba, Brazil | Reuters — Shares in JBS SA , the world’s largest meatpacker, spiked on Thursday as speculation mounted over its strategy for weathering the fallout from a corruption scandal centered on its owners. The stock closed 23 per cent higher, approaching levels last seen before the graft scandal rattled Brazil a week ago […] Read more
Canadian Cattlemen Presents: Depth of Field
