Batista Brothers to Back Out of Talks for Banco Master Assets
By and Gerson Freitas Jr
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Joesley and Wesley Batista, the brothers who control meat giant JBS SA through their family holding J&F Investimentos SA, are no longer in talks to acquire some of Banco Master's assets amid lingering concerns over the lender's financial stability, according to people familiar with the matter.
Banco Master has been at the center of market turbulence in Brazil since it announced a merger with BRB SA, stoking concerns from the central bank and other financial companies that its potential liquidity shortfalls may require broad intervention. J&F had been in discussions with Banco Master owner Daniel Vorcaro about assets including a stake in mining company Itaminas, but ultimately deemed a deal too risky, one of the people said.
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