JBS takeover of Pilgrim’s Pride approved
The US Justice Department is said to have given the green light to the deal which would see Brazil’s JBS become the largest meat company in the world.
Under the move, JBS would purchase 64 per cent of the US chicken processor, which filed for bankruptcy last year. Pilgrim’s Pride said it expected the plan to be ratified by the bankruptcy court later in the year, paving the way for company to “emerge from bankruptcy before the end of December”.
JBS USA executive officer Wesley Batista said: "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."
JBS said it would not have to divest assets as part of the purchase, which would be its first foray into the US chicken market. The meat giant is the leading beef processor in Brazil, Argentina, Italy and Australia. It is also one of the leading US beef players after acquiring Smithfield Food’s beef arm in 2008.
