Brazilian meatpacker JBS SA on Tuesday announced that it has agreed to sell its beef operations in Argentina, Paraguay, and Uruguay to Minerva, S.A., a rival Brazilian meat processor, for $300 million. The deal is expected to close next month. On Wednesday, however, JBS said that it would not sell core assets in the United States or elsewhere including its majority stake in U.S. chicken processor Pilgrim’s Pride.
JBS SA has been embroiled in a Brazilian scandal involving corruption, bribes to politicians and government officials, and tainted meat that has cost the company more than $3 billion in fines. A series of invetigations over the past three years has led to dozens of indictments and sentencing in the political and corporate areana. JBS’s parent company J&F Investments, controlled by brothers Wesley and Joesley Batista, settled with federal prosecutors and agreed to pay a $3.1 billion for its role in the scandal.
