US: Way cleared for JBS's Smithfield beef buy
The Department of Justice has said that it will allow the sale of Smithfield's beef business to Brazil's JBS.
In March, JBS and Smithfield reached an agreement that would see the Brazilian beef giant acquire Smithfield Beef Group, the fifth-largest US beef producer, for US$565m.
Following the news, shares in Smithfield lifted from an open of $13.53 to close at $15.25 yesterday (20 October).
However, the DoJ also announced that it has filed a lawsuit to prevent JBS from buying the National Beef Packing Co, a deal valued at $560 plus the assumption of debt.
The Department said such a deal could lift consumer prices for beef whilst driving down wholesale prices.
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