November 19, 2019 / 12:54 PM / 24 days ago

UPDATE 1-Brazil's BNDES hires banks to sell stake in JBS

(Adds securities filing confirming earlier reports, other offering details)

SAO PAULO, Nov 19 (Reuters) - Brazilian development bank BNDES has hired the investment banks Banco Bradesco SA, Banco BTG Pactual SA, Itau Unibanco Holding SA, Bank of America and UBS Group to sell a partial stake in meatpacker JBS SA in a share offering, the state-run company confirmed in a securities filing on Tuesday.

Reuters reported last week that BNDES had asked banks for proposals to sell a stake worth at least 5 billion reais ($1.19 billion) in the meatpacker.

The number of shares and timing of the offering were still under discussion, JBS said in the filing.

Two sources with knowledge of the matter said BNDES will initially sell 290 million shares of the meatpacker, equivalent to around 7.8 billion reais.

The sale is part of BNDES' plans to divest most of its 110 billion reais stock portfolio, as President Jair Bolsonaro's government tries to reduce the presence of Brazilian state in the economy.

BNDES and the investment banks did not immediately respond to Reuters' requests for comment. JBS declined to comment.

$1 = 4.2177 reais Reporting by Carolina Mandl and Tatiana Bautzer, editing by Louise Heavens and Bernadette Baum

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