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Alpargatas sale may be affected by JBS plea-bargain uncertainty
2017/9/27 14:19:24 Source: footwearbiz Author: 点击率:

J&F Investimentos, which owns crisis-hit meat and leather producer JBS, has announced the completion of the sale of casual footwear manufacturer Alpargatas.

The company has been purchased for 3.5 billion reais ($1.1 billion) by Cambuhy Investimentos, Itaúsa Investimentos and the Brasil Warrant fund.

Proceeds from the deal are likely to go towards paying plea bargains and fines incurred as part of a scandal that has engulfed J&F. It involves another of its companies, meat and leather producer JBS.

Despite J&F’s announcement, Reuters has reported that the deal can only be completed once Brazilian federal prosecutors give the green light to the plea-bargain agreement struck by JBS executives Joesley and Wesley Batista.

This has been put in jeopardy by allegations that the Batistas gained from trading JBS shares just before news broke of their alleged roles in a major corruption scandal.

Quoting a source close to the matter, Reuters said the uncertainty may delay the conclusion of the deal for Alpargatas, but that it is unlikely to be reversed.

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