JBS Sticks to US IPO Plans: Reports

JBS, the Brazilian meatpacker, plans to continue with plans to issue shares in US, though the timing of the deal has been delayed, CEO Joesley Batista told local news outlets in Sao Paulo Monday. The executive says the offering, expected to be worth $2bn, won’t occur until after the company release Q4 results and may occur during H1. The original timeline involved a placement in January 2010. JPMorgan advised JBS in its acquisition of Bertin in Brazil and Rothschild and Rabo advised it on its US acquisition of Pilgrim’s Pride in Q4 2010. JBS is raising equity in the US through an IPO and in Brazil through a private share placement to help finance the deals and capitalize the companies. JBS also announced Thursday it has launched a tender offer for its 9.375% 2011 bonds, of which there are $275m outstanding. The company’s string of acquisitions last year triggered change of control clauses, forcing JBS to buy back the bonds. The buyback period goes through March 1. JBS was unavailable for comment.