Reuters: Deals: JBS ups Pilgrim's Pride stake to 75 percent

Reuters: Deals Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

JBS ups Pilgrim's Pride stake to 75 percent Mar 14th 2012, 13:02 SAO PAULO | Wed Mar 14, 2012 9:02am EDT SAO PAULO (Reuters) - Brazil's JBS SA (JBSS3.SA), the world's biggest beef processor, raised its stake in affiliate Pilgrim's Pride Corp (PPC.N) by $107.2 million, strengthening its bet on a United States chicken market struggling with rising feed costs. JBS said it purchased the remaining stock belonging to founder Lonnie "Bo" Pilgrim at roughly $5.69 per share, according to securities filing on Wednesday, raising its stake in Pilgrim's Pride from 68 percent to 75.3 percent. "This acquisition represents another show of confidence in the U.S. chicken sector. With low costs and growing exports from that country, JBS believes there is great potential to raise margins," Jeremiah O'Callaghan, head of investor relations said in a statement. Pilgrim's Pride, the second biggest poultry producer in the United States, lost nearly $500 million last year as it struggled with rising feed costs and weak chicken prices. (Reporting by Brad Haynes; Editing by Gerald E. McCormick)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions