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Monday, July 28, 2014

Tyson to sell Mexico, Brazil poultry businesses to JBS, (NYSE: TSN)

Tyson Foods Inc said on Monday it would sell its Mexican and Brazilian poultry businesses to JBS SA's Pilgrim's Pride for $575 million and use the proceeds to pay down debt from its pending $7.7 billion purchase of Hillshire Brands Co.Tyson, the world's second-biggest meat processor behind Brazil's JBS, also reported a 4.4 percent increase in third-quarter profit and forecast sales for the fiscal year ending September 2015 above Wall Street analysts' estimate.Shares in Tyson were up 2.7 percent in midday trading.Tyson in June outbid Pilgrim's Pride with a $63 per share offer for Hillshire, the maker of Jimmy Dean sausages and Ball Park hot dogs, in what would be the biggest deal yet for the global meat business.

Tyson Foods, Inc. is a food production company. The Company produces, distributes and markets chicken, beef, pork, prepared foods and related allied products. Shares of TSN traded higher by 2.45% or $0.97/share to $40.51. In the past year, the shares have traded as low as $26.97 and as high as $44.24. On average, 4385680 shares of TSN exchange hands on a given day and today's volume is recorded at 5686760.