Isabel Braga
This text is confined to information published by companies of the group, by BNDES, Cade, TCU, the National Congress, courts and named reports in the final references. Where sources diverge, both versions appear. There is no official year-by-year series of BNDES disbursements to JBS covering 20 years; what exists are totals from different cuts, cited peaks and dated facts. [1][2][3][4]
1. What the J&F conglomerate is
J&F (formerly J&F Investimentos S.A., later J&F S.A.) is the Batista family holding, originating in 1953, founded by José Batista Sobrinho and Flora Mendonça Batista, based in São Paulo. [5][6]
In February 2026 the company announced a restructuring: it dropped “Investimentos,” presented itself as an industrial conglomerate and listed five business units — Energy (Âmbar), Hygiene and Cosmetics (Flora), Pulp (Eldorado Brasil), Mining (LHG Mining) and Food (JBS). Âmbar had already been incorporated; the other wholly owned units were slated for incorporation, except JBS. [6][7][8]
JBS, according to the announcement, would remain a separate business. J&F S.A. still held about 50% of the shares after the listing of JBS N.V. in New York in 2025. [7][8][9]
The board announced in 2026 would have seven members: José Batista Sobrinho, Wesley Batista and Joesley Batista (the last as chairman), plus four independents — Francisco Sérgio Turra, Gelson Luiz Merísio, Orlando Octávio de Freitas Júnior and Henrique de Campos Meirelles. [6][7]
Revenue and headcount vary by source and date and must not be added as if they were the same balance sheet: Wikipedia (entry consulted in 2026) records turnover of R$429.1 billion and profit of R$16.4 billion in 2024, with 306,000 employees in 2025. [5] CNN, in May 2025, cited turnover of R$434 billion in 2024. [10] Bloomberg, in February 2026, cited revenue of R$490 billion in the 12 months to the third quarter of 2025. [7] The J&F site and LinkedIn cited R$490 billion (2025) / R$500 billion (2025) and about 297,000 staff. [6][11]
Industrial units of J&F S.A., per the company site and the 2026 announcement: JBS, Eldorado Brasil, Âmbar Energia, Flora, LHG Mining. [6][11][12] Portfolio also cited by the company: PicPay, Banco Original, Fluxus, Canal Rural and MGÁS (also spelled MGAS), plus Instituto J&F. [6][13]
LHG Mining was set up in 2022 with the acquisition of Vale’s Centro-Oeste System (Mineração Corumbaense Reunida; Urucum and Morraria Santa Cruz mines, Corumbá, MS). Wikipedia records 2021 output of that system: 2.7 million tonnes of iron ore and 200,000 of manganese. [5]
Eldorado was created by the group (opening cited by J&F for 2012). In September 2017 J&F completed the first stage of a sale to Paper Excellence (49.41% of shares; R$3.9 billion in the first phase; deal then announced at R$15 billion including debt). On 15 May 2025 J&F agreed to buy that stake back for US$2.64 billion (equivalent to R$15 billion on the transaction date, according to a J&F debt document). [13][14][15][16]
Banco Original is cited as successor to the acquisition of Banco Matone (2011). [13] Canal Rural was bought in February 2013; Cade approved the deal in March 2013 without restriction; published value: R$40 million. [5]
José Batista Júnior sold his J&F stake to his brothers in 2013 and went on to operate through JBJ Investimentos. Cade blocked, in 2017, Júnior’s acquisition of Mataboi, citing the family link to JBS’s controllers; he later took the asset rebranded Prima Foods, according to AgFeed. [17]
2. Documented mergers and acquisitions — and Cade
The list below gathers operations that appear in JBS/J&F timelines, named reports or Cade acts. It is not the full universe of Cade filings (there are dozens of smaller deals).
| Date | Deal | What the source says |
| 2005 | Swift Armour (Argentina) | Start of internationalisation, per J&F. US$200 million in an academic compilation. [13][18] |
| 2006–07 | Other Argentina plants | Pontevedra, Venado Tuerto, CEPA, Col Car — values in the 2005–2011 compilation. [18] |
| Mar 2007 | JBS IPO on Bovespa | Raised R$1.6 billion, MarketWatch. [19] |
| Jul 2007 | Swift Foods (US/Australia) | EV ≈ US$1.4 bn; G1: US$1.458 bn at close (US$225 m to HM Capital + US$1.233 bn liabilities). [19][20][21] |
| 2008 | Smithfield Beef and Tasman | Estadão: Smithfield US$565 m; Tasman US$150 m. National Beef did not close on US antitrust grounds. [22][4] |
| 16–17 Sep 2009 | Bertin (Brazil) and Pilgrim’s Pride (US) | Estadão: combined revenue US$28.7 bn. Compilation: Bertin R$5.2 bn. Pilgrim’s then valued at US$2.8 bn (64% with US$768 m + US$1.6 bn debt). [23][18] |
| 2013 | Seara Brasil (ex-Marfrig) | Cade approved without restrictions (Official Gazette, 12 Sep 2013). Assumption of R$5.85 bn in debts. [24][13] |
| 2013 | Canal Rural | Cade approved without restriction, March 2013; R$40 million. [5] |
| 2013+ | Zenda, Tyson poultry BR/MX, Gold’n Plump, Tulip, Vivera, Huon | Official JBS timeline. [25][13] |
| 2017 | Mataboi / Júnior Batista | Cade blocked because of the family link to JBS. [17] |
| 2022 | Vale Centro-Oeste → LHG | Corumbá (MS). [5][13] |
| Jun 2025 | JBS N.V. dual listing | Completed 6 Jun 2025; JBS S.A. becomes a subsidiary of the Dutch structure; BDRs JBSS32. [16][9] |
| May–Jun 2025 | Buyback of 49.41% of Eldorado | Cade approved without restrictions: shared control to sole control. [26][14] |
| Dec 2025 | Âmbar buys UTE Norte Fluminense (EDF) | Cade Superintendence approved without restrictions (Official Gazette 29 Dec 2025). [27] |
| Feb 2026 | Seara: two Céu Azul farms (SP) | SG/Cade approved without restrictions. [28] |
| May 2026 | Âmbar: Roraima Energia + thermal plants in Boa Vista | Cade approved without restrictions. [29] |
| Aug 2026 | Offer for remaining ~18% of Pilgrim’s Pride | Non-binding proposal: 2.086 JBS Class A shares per PPC share; ≈ US$28.49. JBS already held ~82%. [30] |
Table 1. Operations with an identified source. Not a complete Cade inventory.
3. BNDES — what each source measures (not an official 20-year series)
No public BNDES file was found, in the sources consulted, with annual disbursement to JBS/J&F for each of the last 20 years under a single method. This text therefore does not invent a continuous series in reais from 2006 to 2026. What exists are cuts.
[A] Aos Fatos: BNDES “lent and invested at least R$7.8 billion” in JBS over 14 years; nearly 2,000 operations; Finame, Exim and direct investments (shares and debentures). Peak cited: contracts above R$4 billion in 2009–2010 alone, “more than half” of the amount in the period analysed. [1]
[B] Poder360 (14 Aug 2024), on equity: from 2007 to 2011 the bank “invested R$8.1 billion in share purchases.” From 2007 to 2023 it would have received R$14.73 billion (R$4.143 billion in dividends + R$10.080 billion from sales of paper). It still held R$17.2 billion in shares in that report. With dividends then announced, the text adds accumulated return of R$23.9 billion and “295%” on the R$8.1 billion. That percentage includes stock appreciation, not only cash returned to the Treasury. [2]
[C] BNDES note (17 Mar 2025) on the dual-listing agreement: since 2007 it invested “approximately R$8.1 billion”; it had already received R$4.9 billion in dividends; “estimated gain” of BNDESPar at 31 Dec 2024: R$22.7 billion; IRR 11.35% against 7.25% for Ibovespa in the bank’s comparison. [3]
[D] VEJA (29 Jan 2020), on the audit hired by BNDES: eight operations between the bank and J&F, “totalling, in updated values, 20.1 billion reais, between 2005 and 2018.” [31] That figure is an updated stock of audited operations, not a new 2018 flow.
[E] Folha (14 Mar 2018) reported the TCU’s assessment that BNDES “lost R$5.082 billion” in injections to buy slaughterhouses. That is the court’s thesis on that date; it is not the same criterion as [B] and [C], which later point to a portfolio gain. [4]
[F] BNDES reply to RIC no. 679/2025 (Chamber): “there is no record of any credit operation” from BNDES to JBS S.A. from Jan 2023 to Dec 2024, direct or indirect. BNDESPar, then holder of 20.81% of ordinary shares, received dividends of R$461,661,101.00 in 2023 and R$923,322,202.00 in 2024. [32]
Dated facts. 2005 — BNDES board approved, on 19 Jul 2005, finance tied to the acquisition of 75% of Swift Armour Argentina (contract 05.2.0710.1). TCU later pointed to harm from the retroactive waiver of 4% a.a. interest. Original debit in the ruling: R$29,253,755.35 (event on 22 Oct 2010); updated to 31 Jan 2023: R$60,580,184.00. On 14 Dec 2023 JBS paid R$94,204,231.48 to the bank on that debit. [33]
2007 — BNDES acquires JBS shares and holds 12.9%, according to Folha’s reconstruction; funds associated with Swift Foods. [4] 2008 — Folha: BNDES funds for Smithfield Beef, Five Rivers and the National Beef attempt; reported stake 19.4% (13% direct + 6.4% via fund). [4] 2009 — support for the Bertin merger and Pilgrim’s; the bank’s Bertin shares became JBS shares. [4] 2011 — stake raised to 33.4% (30.4% direct + 3% via fund) at JBS’s request; partial sales in 2012 and 2015; at the time of the 2018 story the bank held 21.3%. [4]
April 2024 — VEJA reported that TCU recognised the legality of BNDESPar’s JBS investments for Pilgrim’s and Bertin. [34] March 2025 — BNDESPar signed an agreement with J&F on the dual listing: payment of up to R$500 million by J&F if share appreciation is not verified in the second half of 2026; the bank abstains from voting at the listing meeting; the equity stake is not altered by that agreement. [3]
April–May 2025 — BNDESPar sold 58,307,700 JBS S.A. shares on B3 and cut the stake from 20.81% to 18.18%. The bank did not disclose the value; Valor estimated about R$2.5 billion. [35] BNDESPar statements also record the sale of 2.365 million JBS N.V. shares in September 2025, falling to 17.14% of capital. [36]
Voting power after the two-class structure: Class A shares carry 1 vote and Class B (controller) 10. Filings and BNDESPar notes indicate about 5.3% to 5.36% of voting power, even with a capital slice in the 17%–25% range of Class A, depending on the denominator. [37][36][9]
December 2025 — BNDES approved R$1.05 billion for an 86.7 km Eldorado railway (Três Lagoas–Aparecida do Taboado/MS): R$1 billion in infrastructure debentures + R$50 million Finem. This is not credit to JBS S.A.; it is logistics support to the pulp subsidiary. [38][39]
4. BNDES strategic sectors (including pulp and paper and ICT)
BNDES Strategic Themes (update cited 29 Dec 2025) list, in the 2026–2030 Strategy: social development; ecological transformation; new industrialisation; innovation and digitalisation. Business themes include resilient infrastructure; productive development (new industrialisation, bioeconomy, digital transformation, strategic chains); sustainable farming; conservation; and, in support, information technology and use of data and artificial intelligence. [40]
The six missions of Nova Indústria Brasil, in the BNDES innovation/digitalisation/AI agenda: (1) sustainable and digital agro-industrial chains; (2) health industrial complex; (3) infrastructure, sanitation, housing and mobility; (4) digital transformation of industry; (5) bioeconomy, decarbonisation and energy transition; (6) sovereignty and defence technologies, including aerospace. In a portfolio cut reproduced in that PDF, mission 4 (digitalisation) concentrated 39.6% and mission 5 (bioeconomy/energy) 18.1%. [41]
Pulp and paper appears as a separate sector in BNDES Investment Outlooks: base-case mapped investment of R$9.1 bn (2024), R$7.3 bn (2025), R$11.3 bn (2026), R$19.3 bn (2027) and R$23.3 bn (2028), 2024–2028 total R$70.2 billion. Food, in the same table: 2024–2028 total R$59.7 billion in the base case. [42] These figures are a national sector outlook, not an allocation to J&F.
BNDESPar’s Equity Investment Strategy, updated in October 2025 according to the same innovation PDF, came to include ICT — “development of products, strategic components, solutions or infrastructure in information and communications technologies (ICTs).” [41]
Calls located (this text does not say J&F won them): BNDES/Finep 2025 call for strategic minerals of the energy transition (example published in 2026: R$77.5 million to Viridis Mineração, which is not a J&F company); Mais Inovação Brasil — Bioeconomy (Finep/FNDCT, R$250 million grant budget in the cited rule); Brasil Soberano, with a decree covering sectors under the US tariff shock and deficit chains (health, IT, chemicals, fertilisers, steel, among others). [43][44][45]
Factual relation to the group, without inferring intent: J&F operates in food, pulp, energy, mining and digital financial services — sectors that coincide with headings of the industrial policy above. Sectoral coincidence is not proof that each asset was born of a specific call. [6][40][41]
5. Finep — what was found
Searches for this report did not turn up a Finep contract of billions with JBS or J&F comparable to the BNDES totals. Joesley Batista signed private funding for Avibrás (R$300 million, with Finep/BNDES/PAC cited as expected public sources, not shown as disbursed). [46] Finep appears in general calls (bioeconomy, critical minerals) without J&F listed among published winners in the pieces consulted. [44]
6. Proceedings and agreements the sources name
2017: J&F–Federal Prosecution Service leniency (R$10.3 billion over 25 years). [47][48] 2020: US guilty plea (US$256 million), SEC fine (US$26.8 million). [49] 2023: fine reset (R$3.5 billion / 8 years, later restored in the public account). [50] November 2025: annulment of a penalty clause (R$10 billion). [51][52] 2026: on the radar of congressional inquiries over atypical payments (R$55.6 million, R$11.3 million; J&F says the services are documented). [53]
7. Note on the Abilene paradox
Definition: a group takes a collective decision none of its members wanted, each assuming the others wanted it. No document was found linking that concept to BNDES, Cade or J&F as an official finding. It is a reading key, not a court fact.
8. The Angra file — what the J&F / Âmbar / Eletronuclear nexus authorises asking BNDES
Eletrobras sold its Eletronuclear stake to Âmbar (R$535 million + R$2.4 billion in debentures; 68% of capital; voting control remains with the Union via ENBPar). [54][55][70] Cade approved without restrictions. [56] BNDES estimates about R$23 billion to resume Angra 3. [57] After the dual listing BNDESPar has no seat on the JBS N.V. board. [68][69]
Angra 1/2 leaks (~90 litres radioactive in 2022; <1 litre/day in 2025); Federal Prosecution inquiry in 2026; TCU findings on contracting (R$5.3 billion). [58][59][60][61][62] Questions the text puts to BNDES ESG: a public statement on leaks after the purchase; socio-environmental diligence; comment on the Pàhnorama report. No public note was found in the sources consulted.
What this text does not claim
It does not claim a single total “from BNDES to J&F in 20 years,” because [A], [B], [C] and [D] measure different things. [1][2][3][31] It does not attribute to Finep financing that was not found. [44][46] It does not treat Cade approval as a political merits judgment. It does not use the authors as the primary source of any figure.
References
URLs and dates are those of the pieces consulted. Single numbering; each passage in the text points here.
[1] Aos Fatos. “Como o BNDES investiu R$ 7,8 bilhões na JBS”. https://www.aosfatos.org/noticias/como-o-bndes-investiu-r78-bi-na-jbs/
[2] Poder360, 14/08/2024. “BNDES já teve 295% de retorno sobre investimento na JBS”. https://www.poder360.com.br/poder-economia/bndes-ja-teve-295-de-retorno-sobre-investimento-na-jbs/
[3] Agência BNDES de Notícias, 17/03/2025. “BNDES fecha acordo com J&F sobre dupla listagem da JBS”. https://agenciadenoticias.bndes.gov.br/cultura/BNDES-fecha-acordo-com-JF-sobre-dupla-listagem-da-JBS/
[4] Folha de S.Paulo, 14/03/2018. “BNDES perdeu R$ 5 bi com ações da JBS, diz tribunal”. https://www1.folha.uol.com.br/mercado/2018/03/bndes-perdeu-r-5-bi-com-acoes-da-jbs-diz-tribunal.shtml
[5] Wikipédia. “J&F Investimentos”. https://pt.wikipedia.org/wiki/J%26F_Investimentos
[6] J&F S.A. “J&F faz reestruturação…” / “Quem Somos”. https://jfsa.com.br/
[7] Bloomberg, 03/02/2026. “Brazil’s Batista Family Revamps Company in Bid to Tap Debt Markets”.
[8] O Globo, 04/02/2026. “J&F, holding da família de Joesley e Wesley Batista, vai incorporar outras empresas do grupo”.
[9] JBS N.V. Form 20-F / share structure (LuxCo ~50.20% of capital and 85.68% of votes; BNDESPar without Class B).
[10] CNN Brasil, 17/05/2025. “Acordo por Eldorado impulsiona J&F como maior grupo empresarial do Brasil”.
[11] LinkedIn J&F S.A. (institutional text: five sectors; net revenue R$500 billion in 2025).
[12] J&F. “Negócios” / “Business”. https://jfinvest.com.br/negocios/
[13] J&F. “Quem Somos” — timeline (Matone/Original 2011; Eldorado 2012; Seara and Canal Rural 2013; Âmbar 2015; PicPay; LHG 2022; Fluxus 2023; MGAS 2024).
[14] Folha, 14/05/2025. “J&F e Paper Excellence fecham acordo para encerrar guerra pela Eldorado Celulose”.
[15] CNN Brasil, 17/05/2025. Full purchase cited at R$15 billion+.
[16] J&F deed/notes (ADC 31/12/2025): Prime Victory / 49.41% Eldorado for US$2.64 bn on 15/05/2025; dual listing 06/06/2025.
[17] AgFeed, 24/04/2026. JBJ, Mataboi and Cade decision in 2017.
[18] Academic compilation “Fusões e Aquisições do Grupo JBS no período 2005–2011”.
[19] MarketWatch, 29/05/2007. “Brazil’s JBS buys Swift Foods for $1.4 bln”. IPO of R$1.6 bn in March 2007.
[20] Reuters, 2007. Cash US$225 m + debt assumption ≈ US$1.16 bn.
[21] G1, 11/07/2007. “Friboi conclui compra da Swift por US$ 1,458 bilhão”.
[22] Estadão. “Do açougue aos bilhões, conheça a trajetória da JBS”.
[23] Estadão, 17/09/2009. “JBS compra a Pilgrim’s Pride, se une ao Bertin e vira a nº 1 em carnes”.
[24] InfoMoney / Reuters, 12/09/2013. “Cade aprova compra da Seara Brasil pela JBS, diz DOU”.
[25] JBS Brasil. “Sobre a JBS” — timeline.
[26] O Globo, 03/06/2025. “Cade aprova, sem restrições, compra de 100% da Eldorado pela J&F”.
[27] Broadcast / Investalk, 29/12/2025. SG/Cade approves Norte Fluminense (EDF) for Âmbar.
[28] IstoÉ Dinheiro / Estadão Conteúdo, 27/02/2026. Cade approves Céu Azul farms for Seara.
[29] Agência iNFRA, 12–13/05/2026. “Cade aprova venda da Roraima Energia para Âmbar”.
[30] Reuters, 18/08/2026. “JBS makes new bid for full control, delisting of Pilgrim’s Pride”.
[31] VEJA, 29/01/2020. Eight operations; R$20.1 bn updated, 2005–2018.
[32] Chamber of Deputies. Reply to RIC no. 679/2025.
[33] TCU. Ruling on contract 05.2.0710.1 (Swift Armour); payment of R$94,204,231.48 on 14/12/2023.
[34] VEJA, 11/04/2024. “A decisão do TCU que causa alívio no BNDES e na JBS”.
[35] Valor International, 21/05/2025. “BNDESPar sells R$2.5bn in JBS shares on B3”.
[36] BNDES / BNDESPar 2025 statements (17.14%; sales of 58.308 million and 2.365 million shares).
[37] SEC Schedule 13G BNDESPar (201,676,700 Class A; 24.77% of Class A; 5.36% of voting power, Jul/2025 base).
[38] O Globo, 24/12/2025. “BNDES investe R$ 1,05 bilhão em ferrovia… Eldorado”.
[39] BNamericas, 29/12/2025; Transporte Moderno, 09/01/2026. R$1 bn debentures + R$50 m Finem.
[40] BNDES. “Temas Estratégicos” / Strategic Plan 2026–2030. Update 29/12/2025.
[41] BNDES. PDF “ELP 2026-2030 — inovação, digitalização e IA”.
[42] BNDES. Special studies — investment outlook 2024–2028 (pulp and paper; food).
[43] Folha PE, 08/09/2026. “BNDES libera R$ 77,5 mi para Viridis…”.
[44] Finep. Partial result “Mais Inovação Brasil — Bioeconomia”, 31/07/2025.
[45] Agência BNDES, 29/05/2026. Brasil Soberano credit conditions.
[46] Estadão, 07–08/04/2026. Joesley funding Avibrás (Finep/BNDES/PAC as expected public source, not shown as paid).
[47] Agência Brasil, 24/08/2017. Leniency homologation; R$10.3 billion.
[48] Estadão, 2017. Allocation of R$8 bn + R$2.3 bn.
[49] Associated Press, 14/10/2020. “Brazil meatpacker fined for bribes that fueled US expansion”.
[50] CNN Brasil, 09/08/2023. 5th Chamber recalculation to R$3.5 billion.
[51] Estadão / JOTA / Migalhas, 03–04/11/2025. Judgment annulling penalty clause.
[52] Case 1025786-77.2022.4.01.3400 (10th Federal Criminal Court/DF).
[53] Estadão, 23/03/2026. J&F and JBS on the radar of INSS and organised-crime inquiries.
[54] Agência Brasil, 15/10/2025. Eletrobras sells Eletronuclear stake to Âmbar/J&F.
[55] CNN / Valor, 15–16/10/2025. R$535 m + R$2.4 bn; 68% / 35.3%.
[56] Correio da Manhã, 03/12/2025. Cade approves without restriction (Official Gazette 01/12/2025).
[57] UOL, 15/10/2025. Mines and Energy dispatch: Angra 3 study Eletronuclear + BNDES.
[58] CanalEnergia, 16/05/2023. Eletronuclear admits communication failure; ~90 litres; Ibama fine.
[59] Eletronuclear, note of 21/02/2025. Passage < 1 litre/day at the first Angra 2 seal.
[60] Revista Pàhnorama, 29/08/2026. “The liter, the silence and the partner”.
[61] VEJA, 02/08/2026. Federal Prosecution inquiry on reports and INES.
[62] TCU, Ruling 671/2026-Plenary, TC 008.118/2025-6.
[63] JBS S.A. Minutes of AGM/EGM 26 April 2024. BNDESPAR nominees to Fiscal Council.
[64] JBS S.A. English minutes, same meeting. Form 6-K.
[65] JBS S.A. Minutes of AGM/EGM 29 April 2025. BNDESPAR nominees.
[66] JBS S.A. English minutes, 29 April 2025.
[67] JBS N.V. Dual listing on NYSE 6 June 2025 (material facts and 20-F).
[68] BNDES. Shareholdings — June/2025. JBS N.V. line: no shareholders’ agreement; no board; no fiscal council. Stake then 18.18% of capital via BDRs.
[69] JBS / SEC (20-F). BNDESPar bylaws: the investee vote is decided by BNDESPar’s executive board, not by a seat on the investee board.
[70] Agência Brasil, 15/10/2025. Voting control remains with the Union via ENBPar.
[71] UOL, 15/10/2025. Angra 3 modelling study. Folha, 30/08/2026: BNDES loan standstill to Eletronuclear until end-2027.
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