Brazilian meat giant, JBS has purchased 7 million common shares of Pilgrim’s Pride, bringing JBS’s ownership of the chicken processing company to 67% from 64%.
The purchase on the New York Stock Exchange was approved by Pilgrim’s Pride’s audit and equity committees, as required by its shareholders agreement. The block of shares represents 3.27% of the total number of outstanding shares of Pilgrim’s Pride, which is listed under the PPC ticker on the stock exchange.
JBS has been advised by representatives of Pilgrim Interests and Lonnie Bo Pilgrim that the stock sale was intended to further diversify the Pilgrim family’s investment holdings. Pilgrim Interest remains a significant shareholder in Pilgrim’s Pride Corp.