Sept. 13 (Bloomberg) -- J&F Participacoes SA, the holding company that controls the world’s biggest beef producer, is looking into buying the energy distributor Rede Energia SA, according to J&F Chairman Henrique Meirelles.
“We are analyzing it,” Meirelles, Brazil’s former central bank president, said in an interview in New York today. “We have a team of analysts reviewing this possibility.”
Shares of JBS, the beef producer controlled by J&F, rallied 2.9 percent to 6.02 reais at 12:54 p.m. in Sao Paulo. Rede was unchanged at 2.30 reais.
J&F wants to invest in an infrastructure company that could benefit from improved financial management, according to Meirelles.
“We also have some geographic overlap with them, which is interesting,” he said.
Brazil’s state development bank, known as BNDES, doesn’t oppose the plan, Meirelles said. J&F doesn’t have a time-line for making a decision regarding Rede Energia, he said. An official at BNDES, which owns 28 percent of JBS shares, declined to comment.
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