March 14, 2018 / 7:48 PM / in 5 days

Brazil's BNDES CEO denies talks with investors on meatpacker JBS stake

SAO PAULO (Reuters) - The chief executive officer of Brazilian development bank BNDES on Wednesday denied media reports that its investment arm BNDESPar is in talks with foreign investors about a potential sale of its stake in meatpacker JBS SA (JBSS3.SA).

FILE PHOTO - Paulo Rabello de Castro (L), the new CEO of Brazil's development bank BNDES, speaks during a ceremony in Rio de Janeiro, Brazil June 1, 2017. REUTERS/Pilar Olivares

    JBS is one of the companies in which the investment is not yet mature because of a low standard of corporate governance, CEO Paulo Rabello de Castro said at the Latin America World Economic Forum in Sao Paulo.

    When asked about a BNDES stake in pulpmaker Fibria Celulose SA (FIBR3.SA), Rabello de Castro declined to comment on talks with Paper Excellence BV and Suzano Papel e Celulose SA (SUZB3.SA). He declined to answer questions about which proposal would be chosen by the bank’s investment arm.

    Reporting by Tatiana Bautzer; writing by Ana Mano; editing by Grant McCool

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