Brazilian meat giant JBS’s takeover of Pilgrim’s Pride has been approved by the US Department of Justice.
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Last month, Pilgrim’s Pride struck a deal to sell 64% of its business to JBS for US$800m in cash. Proceeds will be used to repay Pilgrim’s Pride debt. The US poultry giant fell into bankruptcy in December.
The deal remains subject to approval from US bankruptcy judges but Wesley Batista, president and CEO of JBS USA, nonetheless hailed “an exciting day for JBS and Pilgrim’s Pride”.
Batista said: “As a successful US beef and pork company, we believe we are well positioned to bring that same competitive energy to Pilgrim’s Pride, its employees and customers.”
Pilgrim’s Pride said that it anticipates the plan to be confirmed by the Bankruptcy Court in time for it to emerge from bankruptcy before the end of this December.
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By GlobalData
