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LatinNews Daily - 21 June 2017

In brief: Brazil

* Meatpacking company JBS has announced it will shed R$6bn (US$1.8bn) in assets. The company plans to get rid of its 19.2% stake in dairy company Vigor, sell off its shares in British company Moy Park and assets from Five Rivers Cattle Feeding and farms. This will help reduce the company’s level of indebtedness after its parent company, J&F Investimentos, agreed to pay record corruption settlement with the Brazilian authorities. Brazil’s federal accounting court (TCU) has calculated that JBS made R$850m (US$255.49) in profit from the state due to various corruption scandals. Currently the court is investigating JBS for four of its acquisitions, including US companies Swift, National Beef and Pilgrim’s Pride, and how it took control of power plants from Brazilian conglomerate Bertin.

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