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Pilgrim's Pride shares higher amid takeover talk

CHICAGO | Thu Sep 3, 2009 10:16am EDT

CHICAGO (Reuters) - Shares of bankrupt chicken producer Pilgrim's Pride Corp PGPDQ.PK rose over 10 percent in morning trading on Thursday amid widespread talk that Brazilian meat company JBS (JBSS3.SA) may be in talks to buy the company.

Published reports on Wednesday said JBS was close to buying the chicken company for more than $2 billion. JBS denied the talk and Pilgrim's Pride declined to comment.

Pilgrim's Pride shares were up 55 cents, or 10.7 percent, at $5.70 in pink sheet trading. In Brazil, JBS shares were down 1.4 percent.

(Reporting by Bob Burgdorfer, editing by Gerald E. McCormick)
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