JBS Sells Beef Units In Three Countries

The world's largest meat processor, JBS SA, has agreed to sell its Argentine operations to a smaller rival, retreating from a top beef-producing nation that was once a springboard for an aggressive international expansion. The agreement with buyer Minerva SA, announced on Tuesday, 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 $300 million transaction, expected to close in July, also involves the sale of JBS plants in Paraguay and Uruguay to Minerva. The buyer, also based in Brazil, will pay $280 million in cash at the closing of the transaction, and the balance will be paid after the conclusion of due diligence, Minerva said. J&F Investimentos, JBS' parent company, last week settled with federal prosecutors and agreed to pay a 10.3 billion reais ($3.1 billion) fine for its role in the crimes admitted by the Batista family, who control the group...more