China

New Hope in line for Moy Park takeover

By RJ Whitehead

- Last updated on GMT

New Hope in line for Moy Park takeover
China’s biggest chicken supplier has been linked to a potential acquisition of Britain’s Moy Park.

New Hope is considering a £1bn (US$1.29bn) takeover of the British poultry giant, which is owned by JBS of Brazil.

Tha’s according to the Daily Telegraph, which reported that New Hope was the frontrunner for Moy Park. 

JBS put the Northern Ireland processor on the market in June in a bid to offload assets following a string of corruption scandals in its home country.

It bought Moy Park from Brazilian rival Marfrig two years ago in a deal worth US$1.5bn. Employing some 6,300 workers, it is the biggest private employer in Northern Ireland.

On a recent half-year results call, JBS said the Moy Park sale was "still in progress and in an early stage, without meeting the requirements to be classified as an asset held for sale​".

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