BNDES Ups JBS Stake

Brazil’s BNDES has completed a BRL3.48bn ($2.18bn) transaction to turn JBS bonds into equity, upping the development bank’s stake to 30% from 17%. The bank’s BNDESPar arm bought the bonds in 2009 and indicated in May it would convert them. The deal does not alter the controlling structure of the company, JBS says.