JBS files to sell shares overseas

JBS SA, the world's largest beef processor, has filed late on Thursday (March 11) to sell shares to Brazilian and foreign investors, according to a securities filing.

The company declined to elaborate on the terms of the offering, adding that the price per share will be calculated based on supply and demand at the time of the transaction.

JBS said in a separate prospectus that it hired BTG Pactual, a Brazilian securities firm, to manage the transaction. JPMorgan Chase & Co (JPM.N) and the investment banking units of Banco do Brasil (BBAS3.SA), Banco Bradesco (BBDC4.SA) and Banco Santander (SAN.MC)(SANB11.SA) were also hired as advisors.

Earlier, the company posted a net quarterly profit of BRL127.9 million (US$71 million) on Friday (March 5), reversing losses of BRL53.4 million in the fourth quarter of 2008.

JBS controls more than 10% of the world's beef production and surpassed Tyson Foods Inc. as the top meat processor after buying control of Pilgrim's Pride Corp. and Bertin SA at the end of last year. JBS also agreed to lease five plants to boost output.