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Home BUSINESS NEWS FROM AROUND THE WORLD

Cargill and Continental Grains buy Sanderson Farms for $4.53bn

by 198 China News
August 9, 2021
in BUSINESS NEWS FROM AROUND THE WORLD
2 min read
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Sanderson Farms Inc updates

Signal as much as myFT Day by day Digest to be the primary to learn about Sanderson Farms Inc information.

Cargill and Continental Grain Firm have collectively agreed to accumulate Sanderson Farms, valuing the US poultry producer at $4.53bn at a time when demand for hen meat has been hovering.

As a part of the transaction, Sanderson Farms will mix with Wayne Farms, a subsidiary of funding group Continental Grain, to type a brand new privately held poultry enterprise.

Below the phrases of the deal, Sanderson Farm shareholders will obtain $203 a share in money, a 30.3 per cent premium to the corporate’s inventory market value on June 18, earlier than media studies that it was contemplating a sale.

The deal will enable Cargill to increase its worldwide poultry enterprise within the US, which is likely one of the world’s fastest-growing markets.

“Increasing our poultry choices to the US is a key enabler of our skill to fulfill buyer and client calls for. With these nice companies, and our sturdy partnership, we imagine we’ll ship a superior portfolio of services to our clients,” stated David MacLennan, chair and chief government of Cargill.

The deal comes as People have been consuming hen — seen as a more healthy various to beef — at file ranges each at residence and in eating places. The increase in demand for the meat has additionally been helped by the reopening of eating places and fast-food chains making fried hen, though it has additionally led to shortages in sure elements of the nation.

Sanderson Farms, which is the third-largest US poultry producer behind Tyson Meals and Pilgrim’s Satisfaction, had been approached by plenty of suitors.

Analysts see the group based mostly in Laurel, Mississippi, as among the finest performers within the sector.

Credit score Suisse wrote in an analyst report that Sanderson Farms had “wonderful amenities, good labour relations, and powerful buyer relationships” in addition to “gross sales up 60 per cent over the previous eight years via capital investments and underlying natural progress”.

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Tags: 453bnbuyCargillContinentalFarmsGrainsSanderson
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