Chicken producer Sanderson Farms Inc (SAFM.O) agreed on Monday to be bought for $4.53 billion by commodities trader Cargill Inc and investment firm Continental Grain Co at a time when meat prices have been soaring due to strong demand.
Prices of chicken products, especially those of wings and breasts, have risen as easing pandemic-related restrictions bring consumers back to restaurants and more fast-food chains create fried-chicken sandwiches.
Sanderson Farms shares closed at $182.37 on Friday, gaining 40% so far this year, and giving the company a market value of $4.07 billion. The stock has risen 17% since reports emerged about Sanderson Farms exploring a sale. J.P. Morgan analysts said in June a deal between Continental Grain and Sanderson Farms would draw some government attention, given recent lawsuits regarding chicken price fixing and as a combined entity would control 15% of the country's chicken market.Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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