Brazilian Bank Eyes Options to Unload $4 Billion Stake in JBS
- BNDES canceled public sale plan proposed almost two years ago
- State bank mulls other options to exit its JBS investment
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Brazil’s state development bank is weighing options to unload $4 billion in JBS SA stock rather than just selling the stake through a public offering as shares in Brazilian meatpacker soar, according to people familiar with the matter.
BNDES, which hired banks almost two years ago to manage a potential public sale of its JBS stake, scrapped a plan to focus solely on a public sale since the state-owned entity also wants the flexibility to pursue a block trade deal or sell shares in the market, said the people who asked not to be identified because they’re not authorized to speak on the plans.