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Brazil's JBS-Friboi confirms bid for Swift & Co.

Thu May 10, 2007 5:12pm EDT

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SAO PAULO, May 10 (Reuters) - JBS-Friboi (JBSS3.SA), the largest producer and exporter of beef in Latin America, said on Thursday it is bidding for North American meat packer Swift & Co.

Mergers & Acquisitions

JBS-Friboi, which launched its shares on the local market in April, said in a statement it could offer no further information about the negotiations, the value or the terms of the bid.

Market estimates put the bid at around $1.5 billion, but JBS-Friboi had no comment.

Swift is the third largest beef and pork processor in the United States, with annual sales of about $9 billion. Based in Colorado, it is also the largest beef processor in Australia.

JBS-Friboi slaughters about 22,600 head of cattle a day in its 21 plants across eight states in Brazil and five plants in three provinces of Argentina.

Mergers & Acquisitions


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