Brazil's JBS buys stake in Mantiqueira to enter egg sector

SAO PAULO (Reuters) - Brazilian meatpacker JBS has agreed to buy a stake in Mantiqueira Alimentos, it said on Monday, marking the food giant's entry into the egg sector in a deal that valued Mantiqueira at 1.9 billion reais ($321 million).

JBS said in a securities filing it had agreed to purchase shares representing 48.5% of the total capital stock and 50% of the voting shares of Mantiqueira, meaning it would share control of the company with its founder Leandro Pinto.

Mantiqueira currently produces around 4 billion eggs per year and has plants in six Brazilian states, JBS said, adding it also exports eggs to countries in South America, Asia, Africa and the Middle East.

"This agreement will allow JBS to enter the egg sector and reinforce its global platform diversified by geography and protein, which has allowed the company to continue growing with solid results," JBS said.

JBS currently operates in the beef, chicken and pork segments, in addition to producing salmon and "alternative", such as plant-based, proteins. The Mantiqueira deal still requires regulatory approval.

($1 = 5.9109 reais)

(Reporting by Gabriel Araujo; Editing by Toby Chopra and Jan Harvey)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Hugging Face exploring sale valuing it at $13 billion, Business Insider says
• Trump caps summer of US 250th birthday at IndyCar race through Washington
• Wartime election would 'destroy' Ukraine, Zelenskiy says