November 19, 2019 / 11:44 AM / 25 days ago

Brazil's BNDES hires banks to sell shares in JBS - source

SAO PAULO, Nov 19 (Reuters) - Brazilian development bank BNDES has the hired investment banks of Banco Bradesco SA, Banco BTG Pactual SA, Itau Unibanco Holding SA, Bank of America and UBS Group to partially sell its stake in meatpacker JBS SA in a share offering, two sources with knowledge of the matter said.

Reuters reported last week that BNDES had asked banks for proposals to sell a stake worth at least 5 billion reais ($1.19 billion) in the meatpacker.

The sale is part of BNDES’ plans to divest most of its 110 billion reais stock portfolio, as President Jair Bolsonaro’s government tries to reduce the presence of Brazilian state in the economy.

BNDES and investment banks did not immediately respond to a Reuters request for comments. JBS declined to comment.

Brazilian newspaper O Estado de S. Paulo reported earlier the banks hired by BNDES for this offering.

$1 = 4.2177 reais Reporting by Carolina Mandl and Tatiana Bautzer, editing by Louise Heavens

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