Meat processing giantJBS S.A., Sao Paolo, Brazil, said today that it received U.S. Dept. of Justice approval to acquirePilgrim's Pride Corp., Pittsburg, Texas. Terms provide for JBS USA Holdings Inc. to pay $800 million in cash for shares representing 64 percent of the total and voting capital stock of Pilgrim's.
Officials expect to conclude the deal before the end of this year.
"Today is an exciting day for JBS and Pilgrim's Pride," said Wesley Batista, JBS USA Holdings president and CEO. "With today's decision ... JBS has been granted the opportunity to enter the U.S. poultry industry, pending approval from the bankruptcy court. As a successful U.S. beef and pork company, we believe we are well positioned to bring that same competitive energy to Pilgrim's Pride, its employees and customers."