Brazil development bank BNDES delays sale of JBS shares: paper

Brazilian development bank BNDES has delayed a sale of about 8 billion reais ($1.91 billion) of shares it holds in meatpacker JBS SA until January due to unspecified bureaucratic hurdles, a newspaper reported on Friday.

 

Gram Slattery,  Reuters

via Nasdaq - Nov 29, 2019

 

RIO DE JANEIRO, Nov 29 (Reuters) - Brazilian development bank BNDES has delayed a sale of about 8 billion reais ($1.91 billion) of shares it holds in meatpacker JBS SA JBSS3.SA until January due to unspecified bureaucratic hurdles, a newspaper reported on Friday.

 

BNDES Chairman Carlos Thadeu said earlier in November that the bank planned to sell the shares through a secondary offering this year, a move that would roughly halve its 21.3% stake and represent another step in the government's ongoing campaign to reduce its role in the economy.

 

On Friday, Brazil's O Estado de S. Paulo said without specifying how it obtained the information that the bank had delayed that sale to... 

 

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