The JBS multinational company has sold its stake in the Alpargatas footwear giant to a bunch of Brazilian investment funds for a figure of just under a billion euros. Reuters has learned that the group has found agreement with the Brookfield Asset Management Canadians for sale, Ambar Energia, a company that owns 880 kilometres of energy distribution infrastructure. The sale would be of about 270 million euros. J & F, JBS financier, has to cope with the emergencies generated by the Lava Jato scandal, including the 3 billion euro pact. In the bailout package, the group’s assets are sold in Argentina, Paraguay and Uruguay to Minerva. After the ok of the national anti-trust authority, now the Federal District Court of the First Region also authorises the operation, declaring illegitimate the previous positions held by other Brazilian Courts. It is to be expected, however, that the litigation of appeals and counter-offenses can not be considered terminated as such. Four Brazilian banks have decided to refinance JBS debt for 18 billion real (about 4.9 billion euros). Credit institutions, which are also the main creditors of the meat multinational, would also be pushing the Itaù Unibanco Institute to participate in the plan by granting a credit line of 2 billion real (500 million euros). After the divestment of Alpargatas and the free way to Minerva, the Batista family group emerged (albeit with a complex debtor framework) from the drifts of a period of liquidity problems. Reuters writes that – it confirms that the bankruptcy hypothesis of the group is now remote – for JBS the cost of funding has not increased. Meanwhile, the Brazilian Ministry of Agriculture announces plans for next Monday to meet with the US Secretary of Agriculture. Subject to a discussion, the stop for the importation of Brazilian fresh meat imposed by the USA at the end of June.
JBS sells Alpargatas. On arrival a loan of 4.9 billion
