JBS has proposed acquiring the Pilgrim's Pride shares it does not already own, seeking full control of the U.S. poultry producer. The world's largest meatpacker, which already owns about 82% of Pilgrim's Pride, said it offered 2.086 JBS Class A shares for each Pilgrim's Pride share based on Tuesday's closing prices, representing $28.49 per share. Pilgrim's Pride had a market capitalization of about $6.78 billion. The proposal must be reviewed and approved by a committee of Pilgrim's Pride independent directors and by minority shareholders. The move comes days after JBS agreed to form a joint venture with Indonesia's sovereign wealth fund, Danantara, to pursue protein production investments across multiple countries, and after Pilgrim's Pride agreed to buy Walker's Deli & Sausage Company for about $142 million. Earlier this month, JBS reported an unexpected quarterly net loss tied to an antitrust settlement and debt tender offers as tight cattle supplies pressured its U.S. beef business, while Pilgrim's Pride last month reported lower quarterly sales amid softer chicken demand.