At GPC, Union ready to return to work
Muscatine Journal, October 26, 2009
October, 2009
JBS, Bertin work on details of merger
Meatingplace.com
By Tom Johnston
JBS S.A. said late last week that its merger with Brazilian beef rival Bertin S.A. is on track.
“We are working on finalizing the merger by the end of the year depending on the usual conditions,” Jerry O’Callaghan, JBS director of investor relations, told Meatingplace.
JBS said in a press release that the structure of the new holding company created by the merger has not been defined. Each company has created a committee to help determine the appropriate structure and at some point produce a report with a joint decision.
Upon announcing the merger in September, JBS said its controllers would put all of their stock and Bertin’s controllers would contribute a 73.1 percent stake in the new holding company. JBS and Bertin, respectively, would have 60 percent/40 percent control.
The merger still hinges on a $2.5 billion private placement in JBS’s U.S. unit, JBS USA, as well as antitrust approvals.