JBS SA (JBSS3.SA)
17 Nov 2017
Latest Key Developments (Source: Significant Developments)
Oct 16 (Reuters) - :JBS Foods International B.V. files for withdrawal of IPO plans - SEC filing.JBS Foods International B.V. says it has decided not to pursue the sale of securities at this time.JBS Foods International B.V. had filed for U.S. IPO of $500 million of its Common A share in december 2016. Full Article
JBS Foods International Designated Activity Co : Files for ordinary shares offering of up to $3.08 bln-sec filing .Filing the form f-1 to register distribution, that is part of proposed global reorganization of JBS S.A. Full Article
JBS SA:Brazilian tax authorities allege that the 2009 merger of JBS SA and the Bertin Group, which created the world's largest meatpacker, involved fraud that harmed minority shareholders, the Estado de S. Paulo newspaper reported on Sunday - RTRS.The allegations stem from a tax investigation of companies in the Bertin Group and have already resulted in an assessment of 3 billion reais ($751 million) in unpaid taxes and fines, the paper, one of Brazil's largest, said.While the main goal of the investigation was to collect taxes, authorities also allege the transaction between JBS and the Bertin Group involved the sale of undervalued assets and was structured in a way to make the takeover of Bertin's meatpacking unit assets by JBS look like a merger of equals.JBS arranged for the merger with the financially troubled Bertin Group by issuing 12 billion reais of new JBS stock, the paper reported.Minority shareholders were hurt in part, according to tax authorities, because JBS valued the shares given to Bertin at the market value of 8.8 bln reais but J&F Investimentos, the holding company that controls JBS, only valued them at 4.9 bln reais, Estado said, citing tax authorities.Bertin also gave up control of the bulk of the shares it said it was placing in J&F to complete the merger to a company that is still part of the controlling group, the paper said. Full Article
JBS SA:Shares of Brazilian meatpacker JBS SA fell more than 8 percent on Tuesday after prosecutors charged the head of its controller J&F Investimentos and eight others from the JBS group and bank Banco Rural with crimes against the financial system. - RTRS.In a statement on Tuesday, prosecutors said companies within Grupo JBS had passed on loans to each other in 2011, which is illegal in Brazil. JBS and J&F representatives did not immediately respond to a request for commen - RTRS. Full Article
SAO PAULO Brazil's JBS SA , the world's largest meatpacker, posted an unaudited net profit of 323 million reais ($98.50 million) in the third quarter, compared to 887 million reais in the same period a year earlier, the company said on Monday.