Brazil JBS plans to sell interest in Five Rivers in $1.8b divestment plan

Brazilian meatpacker JBS SA revealed a $1.8 billion divestment plan on Tuesday, putting dairy, poultry and cattle feeding assets on the block to cut debt after a corruption scandal raised concerns about its financing costs. JBS, whose controlling shareholder recently agreed to pay a massive leniency fine after becoming embroiled in sweeping graft probes that have ensnared politicians and executives, said in a securities filing that its board and state development bank BNDES still had to approve the planned asset sales. The plan, which aims to raise 6 billion reais ($1.8 billion), includes a 19.2 percent stake in Brazil-based dairy company Vigor Alimentos SA, along with its Northern Ireland unit Moy Park and Five Rivers Cattle Feeding in North America, according to Reuters. Read more…