Chinese Agribusiness Firm Linked To Moy Park Bid
Chinese agribusiness company New Hope is said to be in the running for a £1 billion takeover of Northern Irish chicken business Moy Park, according to The Telegraph.
The business was put up for sale in June by Brazilian meat-packing company JBS, only two years after it had been acquired for approximately €1.3 billion.
Moy Park is one of the leading poultry producers in Europe, employing more than 9,000 people in Northern Ireland.
New Hope is one of China's largest non-government conglomerates, with nearly 70,000 employees across 30 countries. It is reported that the company is now the front-runner in the Moy Park acquisition.
Chinese group WH, which operates pork producer Smithfield Foods, had previously been tipped as a potential buyer, along with US-based Tyson Foods, Brazil's BRF, and private-equity firm CapVest.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up for ESM: The European Supermarket Magazine.