Cargill Conti Sanderson Farms

Cargill acquires Sanderson Farms

Cargill and Continental Grain announced on Friday that they have signed a deal to buy Sanderson Farms Inc, the third largest chicken producer, for a deal of about $ 4.53 billion, Reuters reported.

As part of a transaction announced last August, Sanderson will merge with Wayne Farm, a subsidiary of Continental Grain. Sanderson closed trading on Friday. All open issues regarding the Department of Justice were resolved before they were completed, according to those familiar with the issue.

The deal raised concerns about Capitol Hill, where lawmakers asked the Justice Department to scrutinize it in fear of rising prices. The Justice Department, which was investigating the transaction on antitrust concerns, declined to comment.

According to a Wells Fargo study, 4,444 chicken wings and breasts have increased by 38% and 24% year-on-year, respectively, since February. The Biden administration will spend $ 1 billion in January in general, especially concerned about price increases in the meat sector, to enact new rules to address the lack of “meaningful competition” in meat processing.

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Source: Reuters

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