Deal between JBJ and Fazenda Conforto is undone

The deal between JBJ Agropecuária (or JBJ Investimentos), owned by José Batista Júnior ("Júnior Friboi"), and Fazenda Conforto, located in Nova Crixás (GO), was undone this week.

In a document sent to Cade (Administrative Council for Economic Defense), on June 15, the companies wrote: "The Applicants inform that, in a free, mutual and consensual manner, they decided to definitively close the negotiations relating to the operation object of this Merger Act, giving up on carrying out the business, as formalized in the Negotiations Termination Term, now attached as Confidential Document I."

According to the Agfeed portal, the reason for the withdrawal was the order on May 5 issued at Cade by the organization's general superintendent Alexandre Barreto de Souza. At the time, he asked the companies for the body to use the summary procedure to assess the transaction. The parties then became wary of deadlines and restrictions.

Conforto Farm is recognized as one of the largest cattle confinement structures in Brazil. The farm was founded in 1996, by businessman and former Stock Car driver, Alexandre Funari Negrão, known as Xandy Negrão. After his death in 2023, the property passed to the heirs of the Negrão family group.

The property has the capacity to produce around 180 thousand cattle per year, being a reference in precision and sustainable livestock farming.

Although Júnior Friboi is the brother of Joesley and Wesley Batista (owners of J&F Investimentos, the controlling company of JBS), JBJ has operated independently since 2012, but sells large volumes of cattle (billion dollars) to JBS.

The agreement between the companies sends the entire property assets, including the rural property, improvements, production infrastructure, facilities and equipment. Biological assets, such as livestock, are not included in the operation.

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Source: CNN