Brazil meatpacker JBS sells 3 units for $300 million

Markets Associated Press

Brazilian meatpacking giant JBS says it has sold its units in Argentina, Paraguay and Uruguay to companies controlled by a rival meat processing company in Brazil.

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JBS said in a Tuesday securities filing that it sold the three meat processing plants for $300 million to Minerva in Sao Paulo state.

The units sold are: Pul Argentina; Frigomerc of Paraguay and Pulsa of Uruguay.

JBS executives are at the center of a political crisis engulfing President Michel Temer. In a secret audio recording of JBS executive Joesley Batista in March, Temer appears to be condoning a payment of hush money to imprisoned former House Speaker Eduardo Cunha.

JBS last week agreed to pay a more than $3 billion fine for its role in a corruption scheme involving pension funds.