June 9 (Reuters) – Tyson Foods Inc won the bidding
war for Hillshire Brands Co with an all-cash offer that
values the maker of Jimmy Dean sausages at $8.55 billion and
would be the biggest deal yet for the global meat business.
Tyson, the largest U.S. meat processor, on Monday announced
an agreement to buy Hillshire for $63 per share. That topped
last week’s $55 bid from Pilgrim’s Pride Corp, which is
majority owned by Brazilian meatpacking giant JBS SA.
NEW YORK (Reuters) – Asian stocks basked in the glow of a record close on Wall Street after bright U.S. jobs data pointed to improving economic momentum, while the dollar gained on Monday on rising U.S. Treasury yields.
U.S. jobs data on Friday showed that nonfarm payrolls increased by 217,000 last month, bringing employment back to its pre-recession level and validating the view that labor conditions are improving. The unemployment rate held steady at a 5-1/2 year low of 6.3 percent. (Full Story)
Pilgrim’s Pride Corp (PPC.O: Quote, Profile, Research, Stock Buzz) sweetened its per-share bid on Tuesday to $55 from $45, beating Tyson Foods Inc’s (TSN.N: Quote, Profile, Research, Stock Buzz) $50 offer.
TOKYO (Reuters) – The dollar edged up slightly in early Asian trade, while the euro came under pressure as the market braced for further stimulus measures from the European Central Bank this week.
Short-term investors increased short positioning on the euro to 16,633 contracts from 9,220 a week ago, according to data for the week ended May 27 released by the Commodity Futures Trading Commission on Friday. IMM/FX
LOS ANGELES/CHICAGO, May 29 (Reuters) – The bidding war for
Hillshire Brands Co could herald further deals as meat
companies seek to round out their assets from farm to table in a
food frenzy that accelerated after China’s acquisition of
Smithfield Foods a year ago.
The deals also are being fueled by Americans’ increasing
appetite for protein: Profit margins in chicken production have
become fat even as tight supplies in the beef and pork markets
have driven up prices, raising costs for producers and prompting
some consumers and retailers to reach for poultry products.
By Lisa Baertlein and Devika Krishna Kumar
(Reuters) – Pilgrim’s Pride Corp PPC.O on Tuesday offered to buy Hillshire Brands Co HSH.N in an all-cash deal valued at $6.4 billion, as the world’s second-largest chicken processor seeks to expand its protein footprint with Hillshire’s sausages and lunch meats.
Shares in Hillshire soared 22 percent on word of the bid, which landed two weeks after the maker of Hillshire lunch meats and Jimmy Dean Sausages offered to buy Pinnacle Foods Inc PF.N, known for its Birds Eye frozen vegetables and Wish-Bone salad dressings, in a $4.3 billion deal.
(Reuters) – More than 100 demonstrators seeking better pay for McDonald’s workers were arrested on Wednesday as protesters swarmed the fast-food chain’s corporate campus near Chicago demanding a minimum wage of $15 an hour and the right to unionize.
The protest against McDonald’s Corp, the world’s biggest restaurant operator by revenue, came a day before a shareholder vote on executive pay, including that of Chief Executive Don Thompson, who earned total compensation of $9.5 million in 2013.
May 21 (Reuters) – Hundreds of low-wage McDonald’s workers
protested near the fast-food chain’s headquarters on Wednesday
calling for a significant pay hike as shareholders prepare to
weigh in on the company’s executive compensation.
The McDonald’s workers are calling for roughly a doubling of
pay to $15 per hour and the right to unionize. Their frequent
rallies have helped fuel a national debate on pay inequality at
a time when many middle- to low-income Americans have curtailed
spending to help make ends meet.
(Reuters) – Fast-food workers from three dozen U.S. cities on Wednesday will protest at the headquarters of McDonald’s Corp (MCD.N: Quote, Profile, Research, Stock Buzz), calling for a significant wage hike, as company shareholders also prepare to weigh in on the pay of the fast-food giant’s top executives.
The latest, and possibly largest, protest against the global chain comes a day ahead of a shareholders vote on executive pay at McDonald’s, where Chief Executive Don Thompson took home total compensation of $9.5 million in 2013.
LOS ANGELES/BOSTON, May 20 (Reuters) – The next big showdown
in the running battle over U.S. executive pay is shaping up to
be the annual meeting of McDonald’s Corp on Thursday,
but critics may have a tough time replicating their victory last
week at Chipotle Mexican Grill.
McDonald’s is a main target of protesters and labor groups,
who criticize the world’s biggest fast-food chain for paying
millions of dollars to its chief executive while many front-line
restaurant workers are scraping by at or near minimum wage.