Sources close to the company say JBS is working on a transaction that is different from the one proposed in 2016.

The U.S. listing would be simultaneous with the partial or full sale of BNDES’ 21.3 per cent stake in JBS, two of the sources said.

The transaction model is not yet final, as discussions are ongoing. But JBS expects to spin off its international operations to be listed in New York as a separate company with the same shareholders, but not a subsidiary. Operations in Brazil will continue under JBS SA, currently listed at the Sao Paulo stock exchange.

Around 75 per cent of JBS’ revenue is obtained outside Brazil, mostly in the United States, but also in Australia and Europe.

JBS and BNDES declined to comment on the matter.

Last November, BNDES hired the investment banking units of Banco Bradesco SA, Banco BTG Pactual SA, Itau Unibanco Holding SA, Bank of America and UBS Group.

One of the sources said the company still expects to list in the United States in the second quarter of the year, but the roadshow dates are being pushed back by the volatility related to the coronavirus outbreak. JBS will report its fourth-quarter earnings on March 25.

JBS management would join BNDES executives in the roadshow to sell their stake, the sources added. The company will probably not hire a bank, but only lawyers, for the spin-off and listing of its international operations, according to two of the sources, since the company is not planning a primary offering.

A listing of JBS in the United States would face pressure from lobbyists and lawmakers that have recently demanded investigations about the company and its shareholders, brothers Wesley and Joesley Batista.

Among the international JBS operations previously proposed for inclusion in such a listing is the company’s Brooks, Alta. beef packing plant, one of Canada’s largest, with capacity to process up to 4,200 head of cattle per day.

— Reporting for Reuters by Tatiana Bautzer, Aluisio Alves and Carolina Mandl in Sao Paulo.

The post JBS plans U.S. listing as Brazil state bank sells stake appeared first on Farmtario.

The dispute stems from a 15 billion-real (C$4.6 billion) deal in 2017 for Jackson Widjaja, a member of the second-richest family in Indonesia, which Forbes estimates is worth US$9.6 billion, to take over Brazilian pulp maker Eldorado Brasil Celulose SA.

Widjaja’s pulp business Paper Excellence agreed to buy Eldorado from J+F Investimentos, the Batistas’ holding company which also controls JBS. The deal in now in arbitration in Brazil after the two groups could not complete the second stage of the acquisition.

On Monday, JBS accused Paper Excellence of unleashing a lobbying campaign in the United States against its interests, according to a Brazilian court filing.

JBS said in the filing, made in a civil case in Brazil, that Paper Excellence hired lobbyists to argue against it getting U.S. subsidies meant for farmers suffering from the fallout of the trade war with China, and successfully persuaded some members of Congress to send letters to the Department of Agriculture to withhold payments to it.

The lobbyists also urged investigations into JBS, given the Batista brothers’ confession to bribing almost 2,000 politicians in a Brazilian corruption case, and sought to prevent a U.S. listing by the meatpacker, according to the filing.

In a statement to Reuters, Paper Excellence denied the accusations, and said these are bad faith allegations to “attack the company, its shareholders and workers.”

The company said it is focused on completing the Eldorado deal.

Even so, court documents, lobbying records and interviews with people on both sides of the dispute show Widjaja’s Paper Excellence lobbied against JBS in the U.S. following their dispute over the Eldorado deal.

The lobbying has raised pressure on the Batista brothers, who are still waiting for a final decision of Brazil’s Supreme Court expected in June on whether their plea deal and immunity from prosecution should be annulled or maintained.

Over the past few months, some lawmakers have written letters to the Trump administration asking for an investigation into JBS and subsidy payments to it. Reuters could not determine whether those letters were a result of lobbying by Paper Excellence.

A JBS executive told Reuters the company is proceeding with its plans to list its international operations in the United States, but without raising new money from investors.

JBS’s Brooks, Alta. beef packing plant, one of Canada’s largest, is among the JBS operations that have been expected to be included in such an IPO.

The initial IPO plans, drafted four years ago, have failed because of a veto from Brazil’s development bank BNDES, and difficult market conditions. BNDES is a shareholder in JBS.

The executive denied that the changes in the listing plans were a result of the lobbying pressure, and said the company expects the transaction in the first half of the year.

JBS declined to comment on the IPO and the U.S. lobbying.

Deal turns south at the Ritz

A turning point in the relationship between Widjaja and the Batistas was an August 2018 meeting. By then, Widjaja had bought 49 per cent of Eldorado and the two sides were meeting at the urging of a Brazilian judge to negotiate terms for the remainder of the business.

At the meeting at the Ritz Carlton hotel in Los Angeles, the Batistas’ representatives said the company’s value had changed since they first signed the deal and the price should be higher, if six more months were required to close the deal, according to an audio recording of the meeting reviewed by Reuters. Widjaja can be heard saying the new valuation numbers were “shocking.”

After the meeting Widjaja told Claudio Cotrim, his top Brazil executive, he would rather “spend millions on lawyers than give them (Batistas) another cent,” Cotrim said.

In a statement to Reuters, J+F said it did not ask for additional money within the original contract.

Paper Excellence designed a strategy with three pillars to counter the Batistas once it was clear that there would be litigation, Cotrim said. The first was the arbitration, which should have a decision by August. The second was appointing executives to the board of Eldorado during the arbitration period. The third involved a public relations campaign, with the hiring of PR firms.

Last year, Paper Excellence hired Jeff Miller, a former Republican Florida Congressman, as a lobbyist, according to lobbying reports to Congress filed in 2019.

Although Paper Excellence has no farming activities in the U.S., Miller’s firm worked in “efforts related to subsidies in 2018 farm bill benefiting foreign companies” and “USDA trade mitigation benefiting foreign companies,” according to lobbying records.

Paper Excellence declined to comment on why it hired Miller.

Last month, Miller joined another Washington lobbying firm, Mercury Public Affairs, known for lobbying for companies such as China’s ZTE and firms owned by Russian oligarch Oleg Deripaska. Mercury said Miller did not bring his contract with Paper Excellence to his new employer.

But since last December, Mercury’s co-chairman and former Louisiana senator David Vitter, has been lobbying House congressional aides asking for an investigation of the JBS listing in the United States, alleging potential risk to investors, according to emails reviewed by Reuters and confirmed by Mercury.

In Monday’s court filing, JBS alleged that Mercury was hired indirectly by Paper Excellence but did not offer proof.

Paper Excellence and Mercury deny the allegation.

— Tatiana Bautzer reports on Brazil’s financial sector for Reuters from Sao Paulo.

The post How JBS became collateral damage in a war between billionaires appeared first on Farmtario.

JBS, whose controlling family has been ensnared in a corruption scandal, announced plans to sell Ireland-based Moy Park on June 20.

According to the person, who requested anonymity to discuss the matter, JBS decided to tap the investment bank of Paris-based BNP Paribas to assess whether interest from several potential bidders could materialize into a transaction.

Some companies that have expressed interest in purchasing Moy Park include China’s WH Group and subsidiary Smithfield Foods Inc and middle-market buyout firm CapVest Partners LLP, according to local reports. Others include French commodities giant Louis Dreyfus Co and Groupe Bigard, as well as British foodmaker Two Sisters Food Group, a report by O Estado de S. Paulo newspaper said last week.

JBS and Smithfield declined to comment. BNP Paribas, LDC, Bigard, Two Sisters and CapVest did not have an immediate comment.

Bonds and shares of JBS have dropped since mid-May, when brothers and controlling shareholders Wesley and Joesley Batista sought a plea deal related to a corruption probe. Wesley, the elder of the brothers and JBS’s chief executive officer, is personally negotiating any planned asset sales, people told Reuters this month.

Further downsizing

Shares of JBS fell 0.1 percent to 7.65 reais at 3:10 p.m. local time (1810 GMT) on Monday, extending losses to 12 percent since May 17.

A successful Moy Park sale would further downsize the Brazilian meatpacker, which became the world’s largest through loans funded with Brazilian taxpayer money during a decade-long acquisition spree. JBS paid $1.5 billion to rival Marfrig Global Foods SA for Moy Park two years ago.

Between 2008 and 2015, JBS participated in about 74 mergers and acquisitions totaling $30 billion, Thomson Reuters deals intelligence data showed.

Since agreeing to pay a 10.3 billion-real leniency fine in May, the Batistas have refinanced debt and sold several assets not related to JBS. Their investment holding company J&F Investimentos SA is also seeking buyers for a dairy producer and a pulpmaker.

($1 = 3.1234 reais)

The post JBS taps BNP Paribas for Moy Park sale appeared first on Farmtario.

JBS, whose controlling shareholder recently agreed to pay a massive leniency fine after becoming embroiled in sweeping graft probes that have ensnared politicians and executives, said in a securities filing that its board and state development bank BNDES still had to approve the planned asset sales.

The plan, which aims to raise six billion reais (C$2.4 billion), includes a 19.2 per cent stake in Brazil-based dairy company Vigor Alimentos SA, along with its Northern Ireland unit Moy Park and Five Rivers Cattle Feeding in North America.

Greeley, Colorado-based Five Rivers has a combined feeding capacity of more than 980,000 head of cattle and locations in Colorado, Kansas, Oklahoma, Texas, Arizona, and Idaho, according to its website.

In Canada, Five Rivers also manages the 75,000-head capacity Lakeside Feeders feedlot, not far from the JBS beef packing plant at Brooks in southern Alberta. The feedlot came to JBS when it took over XL Foods’ Canadian operations in 2013.

JBS, in a statement Tuesday said the divestment program “will reduce the company’s net debt and, consequently, its financial leverage, strengthening JBS’ financial structure.”

U.S. feeder cattle futures fell to nearly a two-month low of US140.775 cents/lb. after Tuesday’s announcement, before rebounding to trade down 1.625 cents at US143.175 cents. JBS shares were down 3.46 per cent at 6.13 reais (C$2.47) in early afternoon trading in Sao Paulo.

Traders said some investors were paring bets that JBS would have to sell larger slaughter operations, which would have been far more disruptive than selling its feed operations.

“Originally, we were unsure if a packer would have to close a plant or something like that. This is just divesting itself from a feeding unit that someone else could buy and operate,” said David Hales, a U.S. cattle analyst.

Moy Park up for sale

Moy Park is one of Britain’s top 10 food companies, with 13 processing and manufacturing units in Northern Ireland, England, France, the Netherlands and Ireland. The company supplies 25 percent of chicken consumed in Western Europe, according to its website.

Moy Park also has brands of ready-to-eat meals, breaded and frozen foods and desserts. JBS acquired Moy Park from Brazilian rival Marfrig Global Foods SA two years ago for US$1.5 billion.

Reuters reported last week that two investment banks empowered to handle a sale of Vigor have contacted French dairy producers Danone SA and Groupe Lactalis SA, Mexico’s Grupo Lala SAB de CV and Switzerland’s Emmi AG to analyze the business.

JBS has a minority state in Vigor, which is majority-controlled by JBS’ parent, J+F Investimentos SA.

— Reporting for Reuters by Tatiana Bautzer in Sao Paulo and Michael Hirtzer in Chicago; additional reporting by Silvio Cascione in Brasilia and Tom Polansek in Chicago. Includes files from AGCanada.com Network staff.

The post JBS aims to shed Alberta feedlot in divestment plan appeared first on Farmtario.

The settlement means that Brazil’s three-year sweeping graft investigations have now led to the world’s two biggest leniency fines ever levied.

J+F’s penalty surpasses the 8.5 billion reais that Brazilian construction firm Odebrecht agreed to pay for its role in the political graft scandal convulsing Latin America’s biggest economy, prosecutors said in statement late Tuesday.

“The payments will be made exclusively by the holding company and should start in December 2017,” prosecutors said in their statement, adding that J+F will have 25 years to make the payments.

J+F was able to reduce the final value by 900 million reais from the initial 11.2 billion proposed by Brazilian prosecutors. J+F’s three previous proposals were rejected and the company replaced its lawyers earlier on Tuesday.

J+F confirmed the terms of the leniency agreement and said in an emailed statement that the fine is being paid by the holding, to protect JBS’ minority shareholders. In a securities filing, JBS said the fines settle charges of two corruption probes involving the company.

State witness testimony from J+F’s owners Joesley and Wesley Batista that they spent 600 million reais to bribe nearly 1,900 politicians in recent years deepened Brazil’s political crisis that threatens to topple president Michel Temer.

Joesley Batista is at the center of a corruption investigation into Temer, after secretly recording a conversation in which the president appeared to condone bribing a potential witness. Other JBS executives in plea-bargain testimony accused Temer of taking nearly US$5 million in bribes from the company in recent years.

The JBS testimony was the most damaging yet to Brazil’s political class, hitting virtually all major figures past and present. It included allegations that former presidents Luiz Inacio Lula da Silva and Dilma Rousseff received US$80 million in bribes in offshore accounts.

Rousseff was impeached last year on breaking budgetary laws and Temer, her vice-president, took over. Rousseff and her supporters say she was the victim of a “coup” orchestrated by Temer and his allies as they sought to take power and halt the corruption investigations.

Temer, Lula and Rousseff have all denied wrongdoing, with Temer defiantly rebuffing calls to resign.

Joesley Batista resigned last week as chairman of JBS and left the board, while his brother Wesley resigned as vice-chairman of the JBS board, though he retained a board seat and is still the firm’s CEO.

Falling fortunes

JBS shares have slid more than 28 per cent this month in extremely turbulent trading because of concern that blowback from the scandal could limit its funding options.

Common shares in JBS rose eight per cent on Wednesday morning to eight reais as investors bet the meatpacker may be forced to hand out extra dividends to help its controlling shareholder pay the fine.

Traders warned, however, that the stock is likely to remain volatile as further probes involving tax issues, suspected irregularities on past acquisitions and financial market transactions develop.

Most of the fine J+F will pay, or eight billion reais, will be divided among Brazil’s development bank BNDES, FGTS workers’ severance fund, two pension funds for employees of state-controlled companies and lender Caixa Economica Federal.

Pension funds and state-run banks invested in or extended loans to J+F companies in return for bribes paid by the Batista brothers, according to plea-deal testimony.

Prosecutors said in the statement the fine is equivalent to 5.6 per cent of the group companies’ revenue. Investors in JBS shares have been closely watching the plea negotiations.

— Reporting for Reuters by Ricardo Brito in Brasilia and Tatiana Bautzer in Sao Paulo; additional reporting by Brad Brooks and Bruno Federowski in Sao Paulo.

The post JBS parent to pay record fine in leniency deal appeared first on Farmtario.

JBS and its controlling shareholder J+F Investimentos, a sprawling conglomerate led by billionaires Joesley and Wesley Batista, are pressuring prosecutors to accept what would likely be the most lenient of all the plea deals negotiated during a three-year old corruption investigation that has implicated scores of Brazilian politicians and executives.

JBS chairman Joesley Batista this week set off a political firestorm by revealing that he had taped a conversation with Michel Temer in March in which the Brazilian president seemed to assent to bribing a jailed lawmaker. Temer has denied any wrongdoing and has said he will not resign.

Batista later signed a plea agreement with prosecutors in which he acknowledged distributing payments to some 2,000 politicians over the last 10 years.

The 44-year old led the company’s rapid expansion through U.S. acquisitions Swift Foods and Pilgrim’s Pride Corp., deals financed with the help of 8.1 billion reais (C$3.35 billion) from state development bank BNDES.

Batista admitted to paying US$30 million to former President Dilma Rousseff in return for loans from the state banks.

Batista and his older brother Wesley will be personally responsible for paying fines of 110 million reais each, prosecutors say, but will get no jail time.

At the same time, a battle is brewing over how big a fine the group will pay, with prosecutors seeking 11.2 billion reais (C$4.6 billion) over 10 years, equivalent to 5.8 per cent of the group’s total revenue last year, the prosecutors said in a statement.

J+F proposed a much smaller one billion reais, which would be around 0.5 per cent of the group’s total revenue last year, the prosecutors added, warning that the leniency agreement with the group would be immediately suspended if the company did not agree to the US$3.4 billion fine by midnight on Friday.

That fine would still be smaller than the US$3.6 billion penalty agreed this year with construction conglomerate Odebrecht SA and its petrochemical unit Braskem SA, implicated in a separate arm of the corruption investigation.

‘More lenient’

Marcelo Odebrecht, the former CEO of his own family’s eponymous company, remains in jail over a year after prosecutors first leveled charges against him and despite the fact that he also signed a plea deal.

According to a report by newspaper O Globo, the Batista brothers have also hired a law firm to negotiate a deal with the U.S. Department of Justice.

Jason Linder, a prosecutor in the department’s anti-bribery unit until earlier this month, said the penalty against the executives appeared lenient compared to others sought by Brazilian authorities.

Brazilian prosecutors are bringing 10 Embraer executives to trial on bribery charges that could result in long sentences, said Linder, who led the parallel U.S. case against the aerospace company.

Linder also pointed to the 19-year prison sentence for Marcelo Odebrecht, handed down by a Brazilian judge.

“The fact that they are paying money and not facing jail time strikes me as more lenient,” he said. “It could be because of the level of co-operation with prosecutors, the size and scope of the misconduct or the quality and strength of the available evidence.”

Brazil’s federal public prosecutor’s office said in an emailed statement to Reuters that the Batistas’ treatment, with no jail time, was justified by the quality and timeliness of the evidence they brought to the investigation.

Some investors interested in a planned initial public offering by JBS’s global meat processing unit — a unit which would include one of Canada’s biggest beef packing plants, in Brooks, Alta. — voiced support for less harsh penalties.

Like people close to the Batistas, they praised Joesley Batista’s willingness to wear a wire and record incriminating statements by Temer and others.

“He voluntarily gave prosecutors evidence against a sitting president”, said one investor, who spoke on the condition of anonymity due to the sensitivity of the matter.

The Odebrechts, by contrast, only co-operated after family scion Marcelo Odebrecht had been in jail for a year and prosecutors had uncovered a bribe department within the conglomerate.

In a statement on Thursday, Joesley Batista stressed that his companies had never bribed officials in countries other than Brazil. Odebrecht has admitted to bribing government officials in 12 countries.

— Tatiana Bautzer is a Reuters finance reporter in Sao Paulo; Joel Schectman is a Reuters reporter covering white-collar crime from Washington, D.C. Writing for Reuters by Christian Plumb.

The post JBS brothers test dealmaking skills in Brazil plea deal showdown appeared first on Farmtario.

In a statement late on Friday, CVM said it is investigating “signs of possible insider trading” of foreign exchange futures, derivatives and JBS stock ordered by meatpacker JBS SA, Banco Original SA and FB Participacoes SA.

A first investigation had been launched on Thursday, the regulator said.

The Batista brothers, Joesley and Wesley, controlling shareholders in JBS, claim President Michel Temer received 15 million reais (C$6.2 million) in bribes from the world’s largest meat processor, according to plea-bargain testimony. Temer has denied any wrongdoing and on Thursday refused to resign.

The real fell eight per cent against the U.S. currency on Thursday, sustaining the largest losses since the country devalued its currency in 1999. The real pared losses on Friday, gaining three per cent against the dollar.

Valor Economico reported on Friday that companies owned by the Batista brothers bought over US$1 billion in U.S. dollar contracts in the local market hours before the plea deal news broke.

JBS said in a statement on Friday any trades made this week were consistent with the company’s strategy of hedging its large dollar-denominated debt. The company said the recent currency swings could have caused more than one billion reais in losses.

The regulator is also examining the sale of shares in the company by its controlling shareholders and subsequent acquisitions by the company´s treasury.

Reuters reported on Thursday the controlling shareholders had sold 329 million reais (C$136 million) worth of JBS shares in April, after the secret plea deal talks had gotten underway.

During the same period, JBS’s treasury, which had not owned shares during the previous year, acquired around 200 million reais in stocks.

— Reporting for Reuters by Tatiana Bautzer and Alberto Alerigi Jr.; writing by Ana Mano and Silvio Cascione.

The post Brazil watchdog opens new probes into JBS-related insider trading appeared first on Farmtario.

Executives at Sao Paulo-based JBS were worried about the impact that the probe into alleged bribery of Brazilian health officials had on investors, the sources said.

In the “Weak Flesh” probe, federal police accused JBS and dozens of peers of paying inspectors to overlook food safety procedures and 59 people have been charged with crimes.

The investigation caused several countries to ban imports of Brazilian meat for about a week. JBS has repeatedly denied any wrongdoing and insisted there that there was no problem with product quality.

The scandal broke weeks before JBS was due to launch the initial public offering of JBS Foods International BV, which could raise about US$1 billion and help accelerate expansion outside Brazil.

The IPO could be put on hold until the impact of the probe on JBS Foods International can be better gauged, one source said. JBS has kept Barclays Plc as a leading underwriter for the transaction and could engage more banks once the company sets a new time frame for the offering, the sources said.

One of the sources said waiting could be beneficial to the IPO’s potential pricing. The media office of JBS declined to comment.

JBS shares rose 3.6 per cent on Wednesday, to 11.45 reais (C$4.94), turning previous year-to-date loss into a 0.32 per cent rise.

The delay is another blow in JBS’s efforts to implement a reorganization plan aimed at transforming it into a global food processor. The JBS Foods International IPO plan was announced last December.

Previously, JBS was forced to scrap a plan to relocate international operations to Ireland after the investment arm of Brazil’s state development bank BNDES balked at it. Over two-thirds of JBS’ revenue come from operations outside Brazil.

Reuters reported on March 22, days after the investigation was launched, that JBS would press ahead with the IPO while seeking to shore up investor confidence with a campaign arguing the police probe misstated facts.

At the time, JBS or its advisers saw no pushback from potential investors.

Since then, JBS has resumed slaughtering at most of the 10 beef processing units that were shut down in the wake of the Weak Flesh probe.

— Tatiana Bautzer is a finance reporter for Reuters in Sao Paulo.

The post JBS mulls delaying IPO of international unit appeared first on Farmtario.

Agriculture Minister Blairo Maggi said a police investigation, which alleges that meat processors paid bribes for inspectors to turn a blind eye to unsanitary or irregular activity, was exaggerated and wrongly challenged the quality of one of the country’s most important exports.

But it has battered demand for Brazilian meats since Friday nonetheless.

JBS and BRF SA, the world’s largest poultry exporter, are among dozens of firms targeted in the meatpacking industry investigation by Brazil’s Federal Police. Both companies have denied any wrongdoing.

Egypt became the latest country to halt imports of Brazilian meat on Thursday.

The move followed partial or complete bans by China, Mexico, Canada, the European Union, Saudi Arabia, Japan, Switzerland, Hong Kong and Chile over the past week.

Australia is expected to seize on China’s suspension of meat imports from Brazil, the world’s biggest beef and poultry exporter, to clinch a deal soon on beef exports.

JBS shares fell one per cent in Sao Paulo on Thursday, accumulating a 10 per cent drop over the past week.

The meatpacker, whose Canadian assets include one of the biggest beef plants in the country at Brooks, Alta., said its Brazilian plants would resume production next week at about two thirds of capacity, adding that the company is focused on maintaining employment of its 125,000 workers in Brazil.

— Reporting for Reuters by Tatiana Bautzer and Brad Haynes; additional reporting by Anthony Boadle in Brasilia.

The post JBS suspends Brazil beef output amid import bans appeared first on Farmtario.

Terms of the deal, which involves the sale of certain assets to U.S.-based Mosaic Co., are unlikely to change significantly, one of the sources said on Wednesday, requesting anonymity to speak freely about the issue.

BNDES pushed back the vote on the fertilizer deal at a Vale board meeting last Thursday, the first person familiar with the situation said. O Globo columnist Lauro Jardim, without saying how the newspaper obtained the information, reported that day that BNDES had delayed the voting on the transaction to Oct. 20.

One of the people said Mosaic could pay about $3.6 billion for some of Vale’s fertilizer assets (all figures US$). The sale of other unspecified operations within Vale’s fertilizer unit is being negotiated with Norway’s Yara International, the first person said, without elaborating.

Both Vale and BNDES, which are based in Rio de Janeiro, declined to comment, as did Mosaic. Yara said it did not comment on market speculation.

Vale, the world’s largest iron ore producer, is disposing of assets to help meet a $10 billion debt-reduction target by next year. The strategy was devised by CEO Murilo Ferreira to help insulate the mining company against declining iron ore and nickel prices, after losing a record $12.1 billion last year.

Reuters first reported on June 17 that Mosaic was eyeing Vale’s fertilizer assets.

The transaction underscores how Brazil, the world’s fifth-largest fertilizer consumer, remains a key growth spot for fertilizer and phosphate producers. Vale estimates that demand for the products in Latin America’s largest economy is expected to grow twice as fast as global demand over the next decade.

Vale has fertilizer assets in Brazil, Peru, Argentina and Mozambique. In Canada, the company has completed a feasibility study for a potash solution mine project at Kronau, Sask., southeast of Regina, and is now reviewing the study results.

Mosaic bought distribution assets from Archer Daniels Midland in Brazil and Paraguay last year.

— Reporting for Reuters by Tatiana Bautzer and Guillermo Parra-Bernal. Additional reporting for Reuters by Rod Nickel in Winnipeg.

The post Vale fertilizer sale seen on track despite review appeared first on Farmtario.