Shares of Archer-Daniels-Midland ADM.N slid 16 per cent in early morning trade on Monday after CFO Vikram Luthar was placed on administrative leave as the company investigates certain accounting practices at its Nutrition segment.
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ADM CFO placed on leave, shares tumble on probe into nutrition unit,
The global grains merchant cut its 2023 profit forecast, delayed Q4 results on investigation into flagged transactions
Pilgrim’s Pride strikes deal over U.S. chicken price-fixing charges
Reuters — U.S. poultry company Pilgrim’s Pride Corp. said Wednesday it will pay a US$110.5 million fine after striking a plea deal with the Justice Department over price-fixing charges on chicken products. The guilty plea makes Pilgrim’s Pride, mostly owned by Brazilian meatpacker JBS, the first U.S. chicken company to reach an agreement with the […] Read more
JBS pulls plan for U.S. unit IPO
Sao Paulo/Brasilia | Reuters –– JBS SA has pulled a planned US$500 million U.S. initial public offering of processed food subsidiary JBS Foods International BV, almost six months after a spree of corruption and food safety scandals in Brazil hurt investor demand for the deal. In a Friday filing with the U.S. Securities and Exchange […] Read more
Tyson reveals subpoena linked to alleged price fixing
Reuters — Tyson Foods disclosed on Monday it has received a subpoena from the U.S. Securities and Exchange Commission following allegations it conspired with rivals for years to fix chicken prices. The chicken sector, which is dominated by a handful of large meat companies, has come under increased scrutiny over the past year as customers […] Read more
Spanish man charged with lying in PotashCorp trading probe
Reuters — A U.S. grand jury has charged a Spanish investor with lying to regulators probing insider trading ahead of an August 2010 hostile bid for PotashCorp, even though he had been cleared of charges over his own trading. An indictment announced on Friday by federal prosecutors in Chicago charged Luis Martin-Caro Sanchez, 42, of […] Read more
DuPont expects U.S. review of Dow deal to end by June 30
Reuters — DuPont said Tuesday it expected the U.S. Securities and Exchange Commission’s review of its proposed merger with Dow Chemical to be completed by the end of June. The two chemical companies agreed to combine in an all-stock merger in December, valued at US$130 billion at the time, in a first step towards breaking […] Read more
Monsanto to pay U.S. SEC settlement over Roundup earnings
Washington | Reuters — Monsanto will pay US$80 million to settle civil accounting violations after it allegedly misstated its earnings in connection with its top-selling Roundup product, U.S. securities regulators said Tuesday. The U.S. Securities and Exchange Commission (SEC) also said three accounting and sales executives have agreed to settle charges in connection with the […] Read more
Wayne Farms files for IPO
Reuters — Wayne Farms, the sixth-largest poultry producer in the U.S., has filed with U.S. regulators in an initial public offering of common stock. Wayne Farms is a subsidiary of Continental Grain, one of the largest privately-held corporations in the U.S. Citigroup, J.P. Morgan and BMO Capital Markets are underwriting the IPO, Wayne told the […] Read more
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