Brazil’s JBS, the world’s largest beef firm, has abandoned plans to buy National Beef Packing Co., the fourth-largest beef processor in the US.
JBS said today (20 February) that it had “terminated” the acquisition of National Beef almost a year after agreeing a US$560m deal to buy the company.
US regulators have voiced concern over the acquisition and in October the US Department of Justice filed a lawsuit to block the deal on competition grounds.
“JBS endeavoured to encounter a solution with the parts involved but in the absence of satisfactory conditions decided not to follow on with the acquisition,” the company said.
JBS had moved to buy National Beef in the same month that it announced plans to buy the beef operations of US meat giant Smithfield Foods. The $565m deal was sealed in October.