JBS takeover of Pilgrims Pride cleared
Brazilian company JBS announces that the US Justice Department has approved the takeover of US-based Pilgrim’s Pride, allowing JBS to become the world’s largest meat company.
In September, JBS said it would buy a 64% stake in the bankrupt US chicken producer for US$800 mln. The addition of Pilgrim’s Pride and Brazilian meat company Bertin, announced that same day, will give JBS about $30 bln in revenue.
The Pilgrim’s Pride deal still depends on the bankruptcy court’s final decision, which is expected at the end of December. “Considering our success in the beef and pork areas in the United States, we believe we’re well placed to bring this same energy to Pilgrim’s Pride, its workers and clients,” said Wesley Batista, executive officer of JBS USA.
JBS bought the beef unit of Smithfield Foods last year and beef and pork company Swift & Co. In addition, it is the No. 3 US pork producer and will be a leading chicken producer once the Pilgrim’s Pride purchase clears the bankruptcy process.
Source: Reuters
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