Top of the Morning
Pilgrim's Pride (Nasdaq: PPC) has agreed to acquire British poultry producer Moy Park from Brazil's JBS SA (which also is Pilgrim Pride's majority shareholder) for around $1.3 billion.
- Why it's the BFD: Not too long ago, JBS was known in M&A circles as an active acquirer. But it seems those purchases were partially enabled by a massive graft scheme that ultimately ensnared both members of the family that controls JBS and Brazilian politicians. Now JBS is shedding assets to pay related penalties, having previously agreed to sell dairy Vigot Alimentos to Mexico's Grupo Lala. The big question now is if this Moy Park sale is just a precursor to JBS selling off a more robust Pilgrim's Pride (in which Cargill had previously expressed interest in buying).
- Bottom line: "Moy Park supplies 25 percent of chicken consumed in western Europe, according to its website. It is one of Britain's top 10 food companies, with 13 processing and manufacturing units in Northern Ireland, England, France, the Netherlands and Ireland." — Reuters
Venture Capital Deals
Private Equity Deals
• Cargill has agreed to sell its U.S. metals business to Japan's Metal One Corp. for an undisclosed amount. http://reut.rs/2xqYjoD
• CBS Corp. (NYSE: CBS) disclosed that it will pay at least US$162 million to buy Australian broadcaster Ten Network Holdings (ASX: TEN), per public documents. CBS had beaten out fellow Ten Network creditor News Corp. (Nasdaq: NWSA) for the deal. http://reut.rs/2gXAhXu
• IndusInd Bank of India has entered exclusive talks to acquire local microlender Bharat Financial Inclusion. http://axios.link/vRAK
• Henri de Castries, former chairman and CEO of AXA Group, has joined General Atlantic as chairman of Europe and as a special advisor. www.generalatlantic.com
• Aaron Fu has joined Ghana's MEST Incubator as managing director. He previously was managing partner of a VC firm called Nest. http://tcrn.ch/2gXU88O
• Chang Sun has joined TPG as managing partner of China operations. He previously was founder and managing partner of impact investing firm Black Soil Group. www.tpg.com
Please take a moment to remember the thousands of innocents murdered 16 years ago this morning. Among them were David Retik and Chris Mello of Boston-based investment firm Alta Communications, who both were on Flight 11. The foundation established in their names has since awarded nearly $2 million in grants to over 40 nonprofit organizations, and provided dozens of scholarships.