UPDATE 1-Brazil's JBS renews buyback for up to 10 pct of stock

Tue Jul 23, 2013 10:37am EDT

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SAO PAULO, July 23 (Reuters) - Brazil's JBS SA, the world's largest meat processor, said in a market filing on Tuesday its board renewed a buyback for up to 10 percent of its outstanding shares on July 4.

The company said it had 76.1 million shares in its treasury from an earlier period of the same repurchase program and expected to acquire as many as 91.5 million additional common shares.

This would bring the potential number of shares bought back to 167.6 million, or 10 percent of the total in circulation. The buyback program will last 365 days, or until July 4, 2014.

Its common shares were up 0.6 percent at 6.94 reais in early trading, while the main Bovespa index on the BM&FBovespa exchange was up 0.8 percent.

JBS recently snapped up the Seara pork and poultry division of cash-strapped, Brazilian rival Marfrig Alimentos SA , putting it toe-to-toe against Brazil's other processed food heavyweight BRF SA.

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