JBS seeks full control of Pilgrim's Pride

Aug 18 (Reuters) - Brazil's ‌JBS, the ​world's ​largest meatpacker, on Tuesday proposed acquiring the remaining shares of Pilgrim's Pride (NASDAQ: PPC), seeking full ‌control of the U.S. poultry producer.

Here are ⁠more details:

• JBS said it offered 2.086 JBS Class A ‌shares for each Pilgrim's ‌Pride share at Tuesday's closing rates. That represented an offer of $28.49 per Pilgrim's share.

• JBS shares ​closed at $13.66 on Tuesday, while Pilgrim's Pride traded at $28.49. Both stocks were up near 1% ⁠in extended trading.

• The meatpacker already owns about 82% of Pilgrim's ​Pride, which has a market cap of about $6.78 billion.

• The proposal is subject to ​review and approval by a ‌committee of Pilgrim's Pride independent directors, and by minority shareholders.

• The proposal comes ⁠days after JBS agreed to form a joint venture with Indonesia's sovereign wealth fund, Danantara, to pursue protein ⁠production investments across multiple countries. It also follows Pilgrim's Pride's agreement ​to acquire Walker's Deli & Sausage Company for about $142 million.

• Earlier this month, JBS reported an unexpected quarterly net loss, ‌weighed down by an antitrust settlement and debt tender offers as its U.S. ‌beef business faced tight cattle supplies. Pilgrim's Pride, ⁠meanwhile, reported lower quarterly ‌sales last month ​due to softer chicken demand.

(Reporting by Neil J Kanatt in Bengaluru; Editing by Diti ‌Pujara)

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