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BULLETIN: ConAgra Foods Inc. To Sell Chicken Processing Business Jun 03
Standard & Poors, June 2003
Abstract
NEW YORK (Standard & Poor's) June 9, 2003--Standard & Poor's Ratings Services said today that there would be no effect on the ratings or outlook of leading packaged food manufacturer ConAgra Foods Inc. (BBB+/Stable/A-2) following the company's announcement that it has agreed to sell its integrated fresh chicken business to Pilgrim's Pride Corp. (BB/Watch Neg/--) for approximately $590 million. ConAgra will receive $100 million in cash, $235 million in Pilgrim's Pride class A stock (based on the June 6, 2003, closing price), and $255 million of subordinated notes due in 2011. ConAgra's chicken business represented more than $2.0 billion in sales. The divestiture continues ConAgra's strategy of focusing on its branded packaged food business and transitioning away from commodity proteins....
Companies mentioned in this report are: ConAgra Foods Inc.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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