J&F’s Plan to Buy Rede Energia Said to Face Brazil Opposition
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J&F Participacoes SA, owner of the world’s biggest beef producer, faces opposition from Brazil’s state development bank to its plan to buy energy distributor Rede Energia SA, said two people familiar with the discussions.
The state bank, known as BNDES, opposes J&F’s expansion into industries not related to the Sao Paulo-based company’s main businesses, said one of the people, who asked not to be identified because the matter isn’t public. In a private meeting, BNDES officials told a controlling J&F shareholder that the purchase should be avoided, the person said.