STXNEWS LATAM-OK of Independencia restructuring clears way for JBS takeover

Mon Nov 26, 2012 8:48am EST

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The majority of creditors of Independencia, an insolvent meatpacker, approved a restructuring plan of the company's debt on Monday, removing one of the last remaining obstacles for the firm to be taken over by its larger rival JBS. JBS started out as a family butcher in Brazil and became the world's largest beef producer by assuming control of smaller firms, a strategy it has recently resumed.

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