SAO PAULO — Brazil's JBS, the world's largest beef producer and owner of JBS-Swift, said on Friday it had abandoned its attempt to takeover of U.S. meat company National Beef Packing Company LLC.
JBS became the No. 3 U.S. beef producer in 2008, when it bought the beef operations of Smithfield Foods Inc, which included beef plants and the Five Rivers Ranch cattle feeding operation. At that time it also tried to buy National Beef, a deal valued at $970 million, in cash, stock and debt.
Since then, the Brazilian company had been in talks with the U.S. Justice Department about selling assets in order to gain approval to buy National Beef.
Source: Reuters
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