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Pilgrim's Pride raises US$ 200 million with rights issue

Pilgrim's Pride Corp., the US poultry processor owned by JBS SA, has raised US$ 200 million from a rights offering to shore up its finances after recording a loss over four consecutive quarters. The company sold 44,4 million new common shares at US$ 4.50 each to its shareholders, a discount of 28 percent on the price quoted on February 29, the company said in a statement sent to market.

JBS, the world’s largest slaughterhouse, is raising money after rising costs and falling prices eroded profit. The unit reported a loss of $ 495.7 million last year, compared to net profit of US$ 90.3 million in 2010.

JBS USA held 67.3% of Pilgrim's Pride before the offer and hoped to increase its stake to 72.9 percent, according to the prospectus released on January 3. Pilgrim's has not discloses how what JBS holds since the offering.

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