October 26, 2016 / 10:52 PM / 2 years ago

Brazil's BNDESPar claims JBS reorganization against shareholders' interests

SAO PAULO, Oct 26 (Reuters) - BNDESPar, the equity arm of Brazil’s state lender BNDES, vetoed a proposed reorganization of meatpacking company JBS claiming “it is not in the best interest of the company and its shareholders,” according to a statement Wednesday.

BNDESPar said the reorganization would transfer about 85 percent of the company’s cash generating capability to a foreign entity, “substantially altering the rights and duties of all of the company’s shareholders.” (Reporting by Ana Mano; Editing by Bernard Orr)

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