JBS, Bertin move forward in merger agreement

JBS S.A. and Bertin S.A. have agreed to an exchange ratio of shares as the companies move forward on their previously announced merger.

JBS said they have agreed that the previously announced ownership structure of 60/40 for JBS and Bertin, respectively, falls within intervals recommended by their independent committees and would correspond to an exchange ratio of 32.5 shares issued by JBS for each share issued by Bertin.

JBS said it "should conclude the negotiation of the financial structure in favourable conditions," after which it will call a meeting of its general shareholders to approve the transaction.

Meanwhile, the company continues to work on other components of the merger, including a US$2.5 billion private equity investment in JBS USA that will help the parent company keep debt in check after its share swap with Bertin.

The merger is subject to antitrust approvals.