Hearing delayed on JBS-National Beef deal
January 16, 2009
by MEAT&POULTRY Staff
CHICAGO – A Jan. 16 hearing with JBS SA and the U.S. Department of Justice to discuss the proposed acquisition of National Beef Packing by JBS has been postponed until Jan. 29, reportedly because the D.O.J. is awaiting information on a settlement in the case, according to Reuters. JBS officials were scheduled to meet with D.O.J. officials in Chicago to discuss antitrust implications of the $970 million acquisition of the Kansas City, Mo.-based company.
In October 2008, 13 states filed a lawsuit along with the D.O.J. to prevent JBS from buying National Beef, which is the fourth-largest U.S. beef producer. The suit claims the acquisition would result in lower prices for cattle producers and higher beef prices for consumers. JBS is contesting the lawsuit.
National had net income of $124.5M in fiscal 2008 (ended Aug. 30).
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