JBS Assigns Vigor Valuation

JBS plans to offer shareholders a 1-for-1 share swap for shares of its Vigor unit, in a spinoff worth up to BRL1.19bn ($650m), it says. The meatpacker is planning to hold an IPO for the dairy asset, and has set the price for 149.7m Vigor shares at BRL7.96 each, based on the average share price of JBS stock over the past 20 trading days. It has not yet set a timetable for the operation. Bradesco is advising JBS in the process. JBS shares closed at BRL7.45 Tuesday.