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Brazil Co Pena Branca: In Due Diligence With Tyson
BRAZIL - Privately held Brazilian chicken company Pena Branca is in the final stages of due diligence with U.S. Tyson Foods (TSN) for a possible joint venture, Pena Branca's director told Dow Jones Newswires on Wednesday."We are just finishing due diligence and I suspect the deal will be complete within the next 60 days," said company director Antenor Barros Leal, who was traveling in Argentina at the time of the interview.
Leal called the deal a joint venture and not an acquisition.
Tyson announced on Monday that it planned to purchase a poultry company in Brazil before the end of the year, but did not provide further details.
Gary Mickelson, Tyson spokesman, in an email reply said the company has not revelaed the name of the company it hopes to buy and referred to a press release issued by the company on Monday.
Pena Branca is one of the leading whole frozen chicken brands in Sao Paulo. The company's 2006 revenues were $350 million, according to Leal. The company exports 40% of its production and processes around 300,000 chickens daily.
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Source: CNNMoney.com
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