JBS SA, the world’s biggest beef producer, delayed the $2 billion initial public
offering of its U.S. unit amid market conditions that have deteriorated.
The share sale won’t take place until after fourth-quarter earnings are released
and may occur in the
first half of the year if conditions improve, Chief Executive Officer Joesley
Batista told reporters today
at an event in Sao Paulo. JBS had said it would price the IPO this month.
I think it is still possible to put it out in the first half of 2010, Batista
said. But it really depends on
market conditions that have recently deteriorated.
JBS is raising cash through bond and share sales to pay for the takeover of
Pilgrim’s Pride Corp. and
to fund a $2 billion distribution network. The Sao Paulo-based company now
controls about 10
percent of global beef processing following about 30 acquisitions since 1993,
including that of Swift &
Co. in 2007.
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