JBS dropped attempt to purchase National Beef Packing Company
St. Paul (February 24, 2009) - Minnesota Farmers Union declares victory after learning JBS S.A. has terminated its attempt to purchase National Beef Packing Company. This decision allows for better competition in the market, benefiting beef cattle producers and consumers everywhere. According to the Minnesota Attorney General's office, if this merger went through, three companies would have controlled 80% of the United States fed cattle processing capacity.
"Last summer, Minnesota Farmers Union met with Attorney General Lori Swanson about the terrible impacts this merger would have on the cattle industry, and urged her to join in this lawsuit" said Doug Peterson, Minnesota Farmers Union President. "Minnesota Farmers Union wants to thank Attorney General Swanson for joining the antitrust litigation, essentially blocks a monopoly which would have increased the prices consumers pay for their beef and lowered the costs farmers receive."
A lawsuit to block this merger was filed in October by Minnesota Attorney General Lori Swanson, along with the Attorneys General of 12 other states and the United States Department of Justice on antitrust grounds. With the news that JBS has forfeited their attempt to purchase National Beef Packing Company, the pending litigation will be terminated.