JBS Aims To Take Over Pilgrim's Pride For $2.5B

Law360, New York (September 3, 2009, 4:34 PM EDT) -- Brazilian meat company JBS SA is reportedly planning to acquire bankrupt chicken producer Pilgrim's Pride Corp. for $2.5 billion, a deal that could allow Pilgrim's Pride to emerge from bankruptcy and fully pay back its lenders and bondholders.

The Wall Street Journal reported Thursday, citing anonymous sources, that the deal was in the final stages of negotiations and would create a company that could challenge the largest U.S. meat producer, Tyson Foods Inc.

Pilgrim's Pride declined to comment on the report, but JBS issued a statement...
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