JBS gets controlling stake in NZ technology firm

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SAO PAULO, Brazil – Shareholders of New Zealand engineering firm Scott Technology agreed to sell a 50.1 percent stake in the company to JBS SA. Dunedin-based Scott Technology manufacturers automated lamb deboning and beef and lamb deboning systems, among other technologies.

Terms of the deal include placement of 10 million shares at NZ$1.39 to provide the capital Scott needs. Shareholders of Scott who want to reduce or sell all their shares would receive an offer price of NZ$1.39 per share. Shareholders who don’t want to sell or would like to increase their shares would receive a 1-for-8 non-renounceable rights issue at the same price. The offering represents NZ$63 million ($42 million).

The deal is subject to government regulatory authorities.
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