JBS SA, the world’s biggest beef producer, said it agreed to buy Rockdale Beef in Australia, without disclosing how much it would pay.
The takeover still depends on approval by antitrust regulators and the company’s management board, Sao Paulo-based JBS said today in a filing to Brazil’s securities regulator. Japan’s Itoham Foods Inc. and Mitsubishi Corp. control Rockdale, according to the beef producer’s Web site.
JBS controls more than 10 percent of global beef processing following over 30 acquisitions in the past 15 years, including Smithfield Foods Inc.’s beef business in the beginning of 2008. It resumed purchases at the end of last year after the global credit crunch reduced the value of assets, buying Pilgrim’s Pride Corp. and Brazil’s Bertin SA.
Yanco, Australia-based Rockdale operates a cattle feedlot, a feed plant and a meat slaughter house with capacity to process about 200,000 head a year, JBS said.
Rothschild is assisting in the transaction, JBS said.
businessweek.com
Source: newsroom - meattradenewsdaily.co.uk
Back to News Headlines