JBS, the world's largest beef producer, canceled the initial public offering of its U.S. unit after postponing the offering twice.
The company doesn't plan to "pursue the contemplated public offering at this time," Greeley-based JBS USA Holdings Inc. said in a Securities and Exchange filing Monday. No reason was given for the decision.
The São Paulo-based parent company last week said it was in advanced talks to sell $2.3 billion of 8.5 percent local bonds to Brazil's state development bank, known as BNDES, that are convertible into shares in five years. The agreement would allow the company to replace debt BNDES already holds, eliminating the need for the IPO, JBS U.S. said in a Dec. 27 regulatory filing.
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