JBS Ups Stake in Pilgrim’s Pride

Brazilian meatpacker JBS has paid $143.3m to increase its stake in US chicken producer Pilgrim’s Pride to 68%, through the most recent company share offering. Pilgrim’s sold 44.4m new shares at $4.50 per share to revamp its capital structure, and through that offer, JBS spent $134m to maintain its original 67.2% stake, a Pilgrim’s spokeswoman confirms. JBS spent an additional $9.3m to raise its stake to 68%, based on company data. The Pilgrim’s spokeswoman declined to offer additional details and JBS officials could not immediately be reached for comment. Pilgrim’s managed to secure $200m from the sale of the new shares. JBS first acquired a stake in Pilgrim’s in 2009 with the financial backing of Brazil’s BNDES development bank.