On the Street -- JBS Buys Stake In Pilgrim's Pride
September 16/Milwaukee/Associated Press Financial Wire -- Chicken producer Pilgrim's Pride Corp. confirmed that Brazilian beef producer JBS SA will buy a majority stake in the company for $800 million in a deal that will let Pilgrim's Pride emerge from bankruptcy protection.
The deal includes paying off Pilgrim's Pride's creditors in full and also a distribution of new stock to current shareholders.