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LatinNews Daily - 02 July 2018

In brief: Brazil

* According to local media, the Brazilian food company BRF, the largest exporter of chicken meat in the world, has announced a restructuring and asset-sales plan involving the sale of units in Europe, Argentina, and Thailand. The company aims to raise R$5bn (US$1.3bn), which will be used to reduce its debt, but there are no plans to issue more shares. Other measures include a 5% reduction in staff levels at Brazilian production plants and the streamlining of management positions involving the elimination of four of 14 vice president positions. BRF recorded losses of R$1.1bn (US$280m) in 2017 and is suffering a crisis worsened by multiple corruption scandals involving its operations. The plan was announced just two weeks after the appointment of the former president of state-run oil company Petrobras, Pedro Parente, as BRF's new chief executive. Parente also implemented an ambitious divestment plan during his time at Petrobras.

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