Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

Smithfield Rises After Report JBS May Hold Acquisition Talks

Smithfield Foods Inc., the world’s largest pork processor, rose the most in seven months after Valor Economico reported Brazil’s JBS SA may hold talks to acquire the company.

Smithfield rose 80 cents, or 5.4 percent, to $15.68 at 10:54 a.m. in New York Stock Exchange composite trading. The shares earlier gained as much as 8.9 percent, the biggest intraday increase since Nov. 11.

The newspaper didn’t say where it got the information. Smithfield’s policy is not to comment on “marketplace rumors,” Keira Ullrich, a spokeswoman at the Smithfield, Virginia-based company, said today in an e-mail. JBS also declined comment, Jerry O’Callaghan, the investor relations director, said in a telephone interview.

JBS, the world’s biggest beef producer, bought Smithfield’s Beef operations in 2008 for $565 million and paid $800 million for control of U.S. chicken processor Pilgrim’s Pride Corp. in 2009. Acquiring Smithfield would “substantially” expand Sao Paulo-based JBS’s operations in Europe and the U.S., Farha Aslam, an analyst at Stephens Inc. in New York, wrote in a report.

The deal “would align with JBS’s strategy of global footprint expansion,” Aslam said.

JBS fell 4.8 percent to 7.62 reais at 11:03 a.m. New York time in Sao Paulo trading.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.