The sale is said to be decisive for parent holding J&F in order to balance the company’s accounts; part of the amount is to be used to pay for its debts in the light of the corruption scandal and plea bargain agreement.

The Baptista family had already raised R$4.5 billion (US$1.36 billion) from sales of footwear manufacturer Alpargatas, as well as part of pulp and paper producer Eldorado.

JBS has also announced the sale of its beef operations in Paraguay, Argentina and Uruguay to the Minerva group for an estimated US$300 million.

Sources: Noticias da Pecuaria/Gazeta do Povo