Family-controlled Tyson Foods Inc. has made an offer totaling $6.8 billion for Hillshire Brands Co., topping a bid from Pilgrim’s Pride Corp. A bidding war might result,
a Reuters report noted.
Brazilian meatpacking company JBS SA owns about 75% of Pilgrim’s, the article said.
Hillshire earlier had announced it planned to buy Pinnacle Foods Inc., maker of Birds Eye frozen vegetables. The bids from Tyson and Pilgrim’s require the Pinnacle deal to be canceled, the Reuters report noted.
“JBS has spent the past decade making acquisitions in order to overtake Tyson as the world’s largest meatpacker,”
a
Financial Times
article said.
(Sources: Reuters, May 30, 2014;
Financial Times,
May 30, 2014.)
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