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  HOME | Brazil (Click here for more)

Brazilís J&F Talks with Cambuhy about Sale of Flip-Flop Maker Havaianas

SAO PAULO Ė Brazilís J&F said Monday it signed a nondisclosure agreement with investment firm Cambuhy, opening the way for a possible sale of iconic flip-flop maker Havaianas.

J&F, which controls top global meatpacker JBS, has an 86 percent stake in Alpargatas, which owns the Topper sports brand and manufactures products for Mizuno and other brands in Brazil.

JBS is mired in the corruption scandal that threatens to bring down Brazilian President Michel Temer.

Alpargatas said in a filing with securities regulators that it would advise shareholders of the progress of the negotiations.

J&F acquired control of Alpargatas for 2.67 billion reais (about $808 million) from construction company Camargo Correa in 2015 as part of an effort to diversify its business portfolio.

J&F is controlled by the Batista brothers, who recently told authorities that they had paid bribes to hundreds of politicians, including Temer.

In an interview published on June 17, JBS co-owner Joesley Batista alleged that Temer headed up Brazilís biggest and most dangerous mafia.

Temer ďis the head of the criminal organization that operates in the Chamber (of Deputies),Ē Brazilís lower house of Congress, Batista told the Epoca weekly.

Batista said a mafia of politicians had continually demanded that he pay bribes and make illegal donations to election campaigns; in return, his companies received favors or were allowed to operate unhindered.

On June 20, JBS said it planned to sell assets worth 6 billion reais ($1.82 billion).

Among the assets included in the divestment plan are a 19.2 percent interest in dairy company Vigor Alimentos, a stake in Britainís Moy Park, one of Europeís largest meat processors, and an interest in Five Rivers Cattle Feeding, JBS said.

The assets are being divested to bolster the balance sheet, the meatpacking giant said.

JBS recently sold its meatpacking operations in Argentina, Paraguay and Uruguay to Brazilís Minerva for about $300 million.

 

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