GFM Network News


Brazilian state bank lambastes JBS CEO switch

Reading Time: 3 minutes Rio de Janeiro/Sao Paulo | Reuters — JBS SA’s weekend move to replace the Brazilian company’s jailed chief executive with his father showed “deviousness” and left in place a situation of “terrible governance” at the world’s No. 1 meatpacker, the head of state development bank BNDES said on Monday, In remarks to Reuters, BNDES president […] Read more


Brazil police detain JBS CEO

Reading Time: 3 minutes Sao Paulo | Reuters — Brazil’s federal police on Wednesday detained the chief executive of JBS SA, the world’s No. 1 meatpacker, saying he used insider information to avoid hefty losses related to a plea bargain he signed earlier this year. Wesley Batista, who has been at the helm of JBS since 2011, was detained […] Read more


Abu Dhabi fund not eyeing bid for JBS, source says

Reading Time: 2 minutes Abu Dhabi/Sao Paulo | Reuters — Shares of JBS SA erased gains on Friday after a source denied that Abu Dhabi sovereign wealth fund Mubadala Development Co. PJSC was arranging partners to make a bid for control of the world’s largest meatpacker. A person with direct knowledge of Mubadala’s strategy told Reuters that, despite a […] Read more

(Photo courtesy Agrium)

Vale fertilizer sale seen on track despite review

Reading Time: 2 minutes Rio de Janeiro | Reuters — Vale SA’s plan to dispose of fertilizer assets remains on track despite a request last week by Brazil’s state development bank, BNDES, to analyze the transaction more carefully, according to two people with direct knowledge of the situation. Terms of the deal, which involves the sale of certain assets […] Read more

(Dave Bedard photo)

PotashCorp buys stake in Heringer to expand in Brazil

Reading Time: < 1 minute Sao Paulo | Reuters — Potash Corporation of Saskatchewan, the world’s largest fertilizer company by market value, agreed on Monday to pay about $69.8 million for a 9.5 per cent stake in Brazilian rival Fertilizantes Heringer SA, the latest effort by PotashCorp to grow in Latin America’s largest economy. The deal, which is expected to […] Read more

Cutrale-Safra wins takeover battle for fruit producer Chiquita

Reading Time: 2 minutes Sao Paulo | Reuters — Chiquita Brands International agreed on Monday to a US$682 million takeover by Brazilian juice maker Grupo Cutrale and investment firm Safra Group, with the U.S.-based banana producer going private early next year at the latest. The acquisition is a victory for Brazilian-Lebanese financier Joseph Safra and orange juice baron Jose […] Read more


JBS delays food unit IPO amid market slide, sources say

Reading Time: 2 minutes Sao Paulo | Reuters — JBS SA, the world’s largest meatpacker, has put off a plan to raise 4 billion reais (US$1.7 billion) from the initial public offering of its pork, poultry and food-processing operations in Brazil, two sources with direct knowledge of the decision said. JBS and banks are wary that market volatility stemming […] Read more