3/21/2023 0 Comments Jbs pilgrims![]() With the deals announced Wednesday, it will be the largest beef producing company in Brazil, Australia, Argentina and Italy. JBS already is a top producer of beef and pork in the US and the world. Brazil-based JBS said in a securities filing that its board had approved an offer letter to be sent to Pilgrims Pride to acquire the remaining shares in circulation for 26.50 per share. ![]() It will have operations in North and South America, Africa, Europe, Russia, China and Australia. The combined JBS-Bertin group will be the world’s largest meat producer with an annual income of $28.7 bln, just a little bit more than Springdale, Arkansas-based Tyson Foods Inc. was later dropped.įurthermore JBS merges with Bertin SA, one of Latin America’s largest producers and exporters of milk products, beef and leather. The $560 mln deal with National Beef Packing Co. US regulators earlier this year sued to block JBS’ acquisition of a major beef producer, citing pricing concerns for consumers and producers. Pilgrim’s Pride said the deal is subject to antitrust clearance. Pilgrim’s Pride was attractive to JBS since chicken is a new market and Pilgrim’s Pride had been the US leader. The sale gives JBS an entry in the US poultry market. The company was hobbled by debt from its buyout of competitor Gold Kist and by high feed costs that left much of the industry in a slump. JBS is close to a deal to buy bankrupt poultry producer Pilgrims Pride for more than 2 billion, recent reports have stated. Pilgrim’s Pride was the US’s largest chicken producer with about 23% of the US market before it filed for bankruptcy protection late 2008. JBS said it will buy a majority stake in Pilgrim’s Pride for $800 mln in a deal that includes paying off Pilgrim’s Pride’s creditors in full and distributing new stock to current shareholders. Brazilian beef producer JBS SA is rocking the global meat business with 2 deals, one of which is buying a major stake in suffering Texas chicken producer Pilgrim’s Pride.īrazil is taking advantage of the current global economic crisis of which it seems the Latin American country is suffering the least.
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