November 20, 2018 / 12:17 PM / a month ago

Brazil's Minerva hires BTG, JPMorgan to manage IPO of Chilean unit -sources

Nov 19 (Reuters) - Brazilian meatpacker Minerva SA has hired Banco BTG Pactual SA and JPMorgan Chase & Co as coordinators for the initial public offering of its international unit Athena Food in Chile, two people with knowledge of the matter said.

Among other institutions that will help manage the offering are HSBC Holdings Plc and Chile's Larrain Vial SA Corredora de Bolsa, the sources added, asking for anonymity because discussions are private.

More banks will be hired to help manage the offering, the people added, and Minerva plans to file for authorization with Chile's securities industry regulator SVS over the next few weeks, according to the people.

Athena Food, Minerva's subsidiary in Chile, has incorporated the meatpacker's operations in Paraguay, Uruguay and Colombia. It will be the first food processing company listed in Santiago, and Chilean pension funds are interested in the offering, the people added.

The intention to list Athena was announced by Minerva three months ago.

Athena's revenue is equivalent to around 40 percent of Minerva's total gross revenue. Minerva acquired assets from rival protein producer JBS SA in Paraguay, Uruguay and Argentina for $300 million a year and a half ago.

Minerva, BTG, JPMorgan, HSBC and Larrain did not immediately comment. (Reporting by Tatiana Bautzer; Editing by Bernadette Baum)

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