Another investigation required for JBS
While JBS is planning to acquire meat producers from the US, Canada, Mexico, Europe, Australia, another call for an investigation was launched by two members of the US Senate.
Senators Bob Menendez and Marco Rubio have asked Treasury Secretary Janet Yellen to launch a probe of JBS and the owners of its parent company, Joesley and Wesley Batista, through the Committee on Foreign Investment in the US (CFIUS). CFIUS is chaired by the Treasury secretary and has the power to review and block the acquisitions of U.S. companies by foreign entities if the transactions could threaten national security.
Last October, J&F Investimentos, the JBS parent company, agreed to pay a $256 million fine to the Justice Department over charges it violated the Foreign Corrupt Practices Act (FCPA). The Batista brothers had previously admitted to paying roughly $150 million to bribe more than 1,800 Brazilian government officials to secure $1.3 billion in loans from the Brazilian Development Bank and federal pension funds.
“When foreign companies benefit from corrupt practices and spread them to US markets, they jeopardize our economic security, present direct risks to our businesses, and undermine our efforts to fight corruption abroad,” Menendez and Rubio wrote in their letter to Yellen. Nevertheless, the giant meatpacker is looking to cobnsolidate its position in the international market through new acquisitions. announced Andre Noguiera, CEO of JBS USA.
“We are looking at (potential opportunities) in the US, Canada, Mexico, Europe, Australia... It is a global vision and we will decide based on the value that we will add to the company. I don't see any other company that has this ability to look and decide where the acquisition is better, where there is more synergy, or whether acquisitions or organic growth makes sense,” he said, quoted by Drovers magazine.
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