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Sanderson Farms to be bought for $4.53 billion

Charlie Neibergall/Associated Press


Sanderson Farms to be bought for $4.53 billion

Sanderson Farms, the nation’s third-largest poultry producer, is being acquired for $4.53 billion as the price of chicken soars. Cargill and privately held Continental Grain formed a joint venture to acquire Sanderson and will pay $203 per share in cash for a company that last year processed more than 4.8 billion pounds of meat. The companies plan to combine Sanderson Farms with Wayne Farms, a Continental Grain subsidiary, to form a new, privately held poultry business. Operations will include poultry processing plants and prepared foods plants across Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina, and Texas. — ASSOCIATED PRESS



Chase raises salaries for lower-level workers

JPMorgan Chase raised the stakes in Wall Street’s intensifying battle for talent, expanding a previously announced pay increase to a broader range of staff as rivals across the industry pay up to hold on to their lowest-level associates. Junior sales, trading and research analysts across JPMorgan’s corporate and investment-banking unit are now in line for raises, a person familiar with the matter said, just weeks after the Wall Street bank boosted pay for its low-level investment bankers. The moves reflect the red-hot market for banking analysts as well burnout in the industry, where many young employees have been complaining about being over-worked amid record levels of deal flow. In another example Monday, Jefferies Financial Group is raising salaries for its first-year analysts in the US by 30 percent, matching raises announced last week by Goldman Sachs and placing pay for both firms’ young bankers ahead of Wall Street peers at $110,000. — BLOOMBERG NEWS


Roku to release more Quibi shows

Roku, the maker of video-streaming devices, will release 23 more shows originally made for Quibi, the failed short-video startup, to attract viewers and advertisers to its free channel. In January, Roku bought the rights to dozens of programs from Quibi, the startup founded by film mogul Jeffrey Katzenberg. The next batch of titles arrives on the Roku Channel on Aug. 13. Most already aired on Quibi, but four are all new, including “Squeaky Clean,” a cleaning competition, and “Eye Candy,” where contestants try to identify food designed to look like ordinary objects. — BLOOMBERG NEWS



Iconic ABC Carpet & Home hits hard times

Lenders to ABC Carpet & Home, the more than century-old New York luxury home goods retailer, are mulling a distressed takeover of the company after financial hits from COVID-19 and real estate problems left it unable to pay its bills, according to people familiar with the plans. ABC, known for wares like $6,900 rugs and $1,480 coffee tables, lost revenue when many of the affluent locals who made up the core of its business fled New York during the pandemic. For those who remained, a prolonged renovation of its store near Union Square made access difficult. Since the company didn’t have a robust online business, it lost out on the shift to e-commerce that accelerated during the pandemic. The company traces its roots to the late 1800s, when Austrian immigrant Samuel Weinrib started the business from a pushcart on Manhattan’s Lower East Side. His great-granddaughter Paulette Cole helped build its red-brick building on Broadway into the high-end destination for designers and decorators and their affluent clients. — BLOOMBERG NEWS


DOJ officials concerned about T-Mobile’s plan to shut down Boost Mobile network

Antitrust officials at the US Justice Department said they have “grave concerns” about plans by T-Mobile to shut down the wireless network used by millions of Boost Mobile customers. The department’s worries were disclosed Monday in a regulatory filing by Dish Network Corp., which bought Boost as part of an antitrust settlement approved by the Justice Department that cleared the way for T-Mobile’s takeover of Sprint Corp. last year. T-Mobile operates the 3G network known as CDMA that’s used by Boost. The dispute over the network, which T-Mobile plans to decommission on Jan. 1, is threatening the elaborate antitrust deal brokered by the Trump administration’s Justice Department, which allowed T-Mobile to buy Sprint even though the deal consolidated the mobile phone market to three national players. The Justice Department had long said four players were needed to ensure the market is competitive. — BLOOMBERG NEWS



Samsung scion to be paroled this week

South Korea will release billionaire Samsung scion Lee Jae-yong on parole this week after he spent 18 months in prison for his role in a massive corruption scandal that triggered nationwide protests and led to the ouster of the country’s previous president. The announcement Monday by the Justice Ministry, which came with a year left on Lee’s 30-month sentence, extends a history of leniency toward major white-collar crime and preferential treatment for convicted tycoons. It tarnishes the reformist image of President Moon Jae-in, who after winning a presidential by-election in 2017 vowed to curb the excesses of “chaebol,” South Korea’s family-owned conglomerates, and end their cozy ties with the government. Lee, who has been imprisoned since January, runs the Samsung group in his capacity as vice chairman of Samsung Electronics, one of the world’s largest makers of computer memory chips and smartphones. He was convicted of bribing then-President Park Geun-hye and her close confidante, who are serving lengthier prison terms, to win government support for a 2015 merger between two Samsung affiliates that tightened his control over the corporate empire. — ASSOCIATED PRESS



PNC changes name as it looks to lure wealthy clients

PNC Financial Services renamed its wealth businesses and is devoting more staff and financial resources to serving rich individuals as competition among lenders for affluent clients heats up. Personal-wealth businesses in the asset-management arm will be consolidated under the newly christened PNC Private Bank brand headed by Don Heberle, PNC said Monday in a statement. The planned personnel changes will be accompanied by investments in technology and administrative capabilities. The bank will also beef up family office services for the ultra-affluent. It declined to spell out the scope of that spending and the additions to its workforce. — BLOOMBERG NEWS


India’s Supreme Court greenlights antitrust investigation into Amazon and Flipkart

India’s Supreme Court allowed an antitrust investigation to proceed against Amazon’s local unit and Walmart-backed Flipkart for allegedly abusing their dominance by offering deep discounts and preferential treatment to some vendors. A three-judge panel headed by Chief Justice N.V. Ramana rejected separate petitions by Amazon and Flipkart seeking to halt the probe. The firms have four weeks to respond to notices from the Competition Commission of India. The ruling is another regulatory setback for the e-commerce companies in the largest consumer market that’s open to foreign firms. — BLOOMBERG NEWS


Bayer loses another court case over Roundup

Bayer’s Roundup woes deepened as it lost another appeal of a jury verdict finding its weed killer causes cancer, the company’s third consecutive appeals court loss of the cases that have gone to trial. A California appeals court in San Francisco refused to overturn the 2019 verdict in which a jury awarded more than $2 billion to a couple who claimed they fell ill after using the herbicide for more than three decades. It was the eighth-largest product-defect award in US history. The appeals court left intact the trial judge’s decision to reduce the award to $86.7 million. — BLOOMBERG NEWS