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JBS Seeks $655 Million Vigor Spinoff to Vie With Danone

JBS SA, the world’s largest beef producer, valued its Vigor Alimentos SA unit at 1.19 billion reais ($655 million) as it plans to spin off the Brazilian dairy-products maker to compete with Danone SA and Nestle SA.

JBS offered to swap 149.7 million of its shares for the same amount in Vigor, according to a regulatory filing late yesterday. Each share was valued at 7.96 reais, Sao Paulo-based JBS said in the filing.

JBS is seeking to spin off Vigor and list its shares in Sao Paulo as Brazil’s growing middle class increases consumption of yogurt, cheese and other dairy products. Growth in Latin America’s largest economy has pulled more than 35 million people out of poverty in the past decade.

Vigor, maker of the Faixa Azul Parmesan cheese, has a 6.9 percent market share of dairy products in Brazil, according to a company presentation.

JBS rose 0.4 percent to 7.72 reais yesterday. It has climbed 27 percent this year, compared with a 11 increase in the benchmark Bovespa index.

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