JBS Makes Independencia Offer

JBS has presented a formal offer to acquire fellow Brazilian meatpacker Independencia for around BRL268m ($144m), it says. The amount would include a BRL135m in JBS shares, at a value of BRL7.91 per share, and BRL133m in cash. JBS would not assume any debt in the deal. The proposal must be approved by the creditors of Independencia, which has been under bankruptcy protection since 2009.