Alpargatas on verge of second sale in 18 months
29/06/2017
J&F purchases Alpargatas, best known for its Havaianas brand of flip flops, 18 months ago and owns 54% of the company’s shares.
The sale comes as a result of a scandal that has engulfed J&F. In May, it was revealed that executives from another of J&F’s companies, meat and leather producer JBS, had entered into a “plea-bargain agreement” with the federal prosecutor’s office in Brazil. Later that month, JBS announced that its parent company would pay a fine of around $3.2 billion over a period of 25 years as part of the agreement.
Reuters reported that J&F had engaged the investment banking unit of Banco Bradesco to examine the possible sales of some of its assets to raise money to pay for the plea bargains and fine. It has already sold off several assets from across South America, with Alpargatas seemingly next in line.
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