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JBS S.A. makes a $5.6 billion bid for Hillshire Brands Co

Brazilian food processing company JBS S.A. has made a $5.6 billion bid for Hillshire Brands Co. (HSH), in an attempt to expand its sausage line-up and derail the company’s acquisition of Pinnacle Foods Inc (PF).

JBS’s Pilgrim’s Pride Corp. (PPC) unit offered $45 a share, but the deal is contingent on Chicago-based Hillshire scrapping its $4.8 billion agreement to acquire Pinnacle, Bloomsburg News reports.

Pilgrim’s said it met with Hillshire in February and that it “has long been our desire to acquire the company.”

JBS chief executive officer Wesley Batista said last week in an interview with Bloomberg N ews that his company will keep expanding as opportunities arise. In the U.S., JBS bought Smithfield Foods Inc.’s beef-packing business in 2008 and gained control of chicken processor Pilgrim’s the following year.

 

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