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Business Briefing / Agriculture

Beef producers cancel buyout

February 21, 2009|Times Wire Reports

A beef industry buyout that regulators were trying to block on antitrust grounds has been called off.

National Beef Packing Co. said its sale to Brazilian beef producer JBS has been dropped because the two sides could not reach agreement.

JBS, the world's largest beef packer, said last March that it would acquire Kansas City, Mo.-based National Beef in a $560-million stock-and-cash transaction.

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