PepsiCo has made two bids for the dairy company, the second one was in the region of six billion reais (€1.8bn), but J&F Investimentos Ltda, owner of the company, has not accepted the offer.

J&F, which also owns the world’s largest meat-processing business JBS, including the Moy Park poultry group in Northern Ireland, as well as wood pulp producer Eldorado Brasil Celusose SA, has sought bids from other parties including French Group Lactalis, owners of Parmalat and Mexico’s Grupo Lala SAB.

Reuters reports that PepsiCo told the news agency in an email that it did not comment on rumours or speculation. The other companies did not respond to requests for comments on the deal.

Profits grow at Moy Park

Meanwhile, Northern Ireland-based chicken processor Moy Park saw profit (EBITDA) jump by more than 17% to £31.4m for the third quarter of its 2016 financial year. The group’s profit margins widened 130 basis points in the quarter to 8.9% as a result of greater operational efficiency. Moy Park’s turnover increased marginally (0.6%) to £353m, as decreased sales volumes were more than offset by product price increases. The company processed more than 65m birds in the quarter. The group’s new parent company, Brazilian processor JBS, said Moy Park continues to deliver profit growth despite the backdrop of challenging market conditions.

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Brazil’s JBS to pay $1.5bn for Northern Ireland-based Moy Park