JBS nearer National Beef deal18 December 2008
According to meatingplace.com, JBS SA, National Beef Packing Co and the US Department of Justice have agreed to stay court proceedings intended to block the Brazilian company's acquisition of the Kansas City based packer in an apparent effort to settle the case.
According to documents filed Tuesday in the US District Court in Chicago, a settlement opportunity ‘that arose within the past few days' could come by way of the two meatpackers selling plants to enhance competition in certain geographical areas. ‘Plaintiffs will need to investigate any serious settlement proposal to determine whether it would adequately restore the competition that would be lost if JBS SA acquires National Beef', the DOJ filing states. ‘Plaintiffs must ensure that any divestiture proposal includes all of the assets necessary for a purchaser to be an effective, independent, long-term competitor, including the tangible and intangible assets necessary for purchasing, production, distribution, and sales.' Judge Elaine E Bucklo granted a stay of two weeks to allow the parties time to continue discussions.