BRASILIA J&F Investimentos SA, controlling shareholder of Brazilian meat processor JBS SA (JBSS3.SA), proposed paying a 4 billion reais ($1.22 billion) fine as part of a leniency deal to settle bribery and corruption charges, but prosecutors rejected the offer, a representative of the public prosecutors' office said on Wednesday.
Prosecutors had initially sought a fine amount of 11.2 billion reais over 10 years. J&F, controlled by billionaire brothers Joesley and Wesley Batista, had initially offered to pay just 1 billion reais.
The prosecutor's office said talks with JBS Chief Executive Officer Wesley Batista were continuing.
(Reporting by Leonardo Goy; Writing by Christian Plumb; Editing by Sandra Maler)