Brazilian Anti-trust Authority Approves JBS Acquisitions18 April 2013
BRAZIL - The Brazilian Anti-trust Authority (“CADE”) has approved all 12 acquisitions and leasing operations made by meat processing giant JBS between 2009 and 2012.
However, the Anti-trust Authority has fined JBS R$7.38 million (approximately US$3.69 million) because it said the company at times acted in an untimely manner with regard to certain leases, which were not submitted to the analysis of the Authority.
JBS has said it will pay the fine.
All the deals had all been submitted to the anti-trust authority for analysis and as a result of CADE’s decision, all production units incorporated by JBS during this period in Brazil will continue to be administered by the company without any restrictions.
Apart from the complete approval of the operations, JBS also signed a Commitment Agreement (TCD) with the Authority in which JBS is guaranteeing that it will inform CADE regarding all future operations, large or small, including leases during the next 30 months.
JBS said that the decision by CADE is testament to the company’s responsible commitment to the beef market in Brazil.
TheMeatSite News Desk