IBP-Tyson deal set

- Last updated on GMT

The multi-billion dollar bid battle for IBP came to a head over the
New Yearweekend, with the biggest beef processing group in the US
finally agreeing...

The multi-billion dollar bid battle for IBP came to a head over the New Yearweekend, with the biggest beef processing group in the US finally agreeing toan increased $30 a share offer from Tyson Foods, the world's largest poultryproducer and processor, the Financial Times reports today. If the revisedoffer, worth $4.7bn including $1.5bn debt, is approved by antitrustregulators, it will create a new agribusiness giant. 

The combined groups willhave annual sales of more than $23bn, and an aggregate workforce of more than100,000. Confirmation on Monday afternoon of the IBP-Tyson deal followed aweekend of bidding by both the poultry group and Smithfield Foods, the rivalsuitor for IBP and the world's largest hog producer.

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