STXNEWS LATAM-Brazil's JBS completes buyout of troubled rival Independencia

Thu Jan 31, 2013 6:43am EST

JBS SA, the world's largest meat packer, completed on Thursday the acquisition of Brazilian rival Independencia in an all-stock transaction.

JBS will hand over shareholders of Independencia, which in 2009 entered bankruptcy proceedings after failing to honor some of its obligations, as many as 22.99 million shares it kept at its coffers, according to a securities filing on Thursday.