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Wednesday, August 27, 2014

Tyson wins antitrust nod for Hillshire deal -U.S. Justice Dept, (NYSE: TSN)

Tyson Foods Inc, the largest U.S. meat processor, on Wednesday won U.S. antitrust approval for its purchase of Hillshire Brands Co.Tyson's share price moved up sharply on the news, rising as much as 2 percent from the day's opening price and closing at $37.71, up 1.5 percent. Hillshire closed near steady at $62.96.To win approval for the $8.5 billion merger, the companies agreed to sell Heinold Hog Markets, which purchases sows that are sold to sausage-makers, the Department of Justice said in a statement."Today's proposed settlement will help ensure that hog breeders in the United States will continue to receive the benefits of vigorous competition when selling sows," said Bill Baer, assistant attorney general for DOJ's antitrust division.

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 1.52% or $0.565/share to $37.71. In the past year, the shares have traded as low as $27.33 and as high as $44.24. On average, 5226050 shares of TSN exchange hands on a given day and today's volume is recorded at 4977321.