We are about 2 minutes away from the end of this trading day and trading week. Scarlet Fu and Kristine Aquino here in for Romaine Bostick and Katie Greifeld adhere to take us through the closing bell. We've got a global simulcast, which means Carol Massar and Tim Stanovec are on board and together we bring all of our audiences across Bloomberg Television, Bloomberg Radio and YouTube worldwide to parse through the most crucial moments of the trading day.Maybe it was in the last hour when we have turned posit ...

Net revenue totaled R$ 15.5 billion in the third quarter of 2025, a record for a single quarter and a strong increase of 82.5% year over year, and 11.5% compared to the previous quarter. In the last 12 months, consolidated net revenue totaled R$ 51.3 billion, up by 73.9% over the same period last year. EBITDA for the third quarter of 2025 was R$ 1.4 billion, another quarterly record, with an EBITDA margin of 8.9% and up by 70.8% over the same period in the previous year, and 6.6% compared to the second quar ...

Major Spanish meat processor Grupo Vall Companys has struck a deal with Mexico’s Sigma Alimentos covering a clutch of assets in Spain. The two-part deal agreement will see the Agroalimentaria Chico pig farm, recently purchased by Grupo Vall, transfer to Deporcyl, a venture between the two companies. In a statement, the companies said the move would mean Sigma secures higher-quality raw inputs and “strengthen” the traceability in its pork supply chain. The tie-up will also see Grupo Vall take majority ow ...

By Tom Polansek and Savyata Mishra (Reuters) -Smithfield Foods, the biggest U.S. pork processor, reported increased quarterly revenue and profits on Tuesday as sales prices climbed. The company, a majority-owned subsidiary of Hong Kong-based WH Group, raised the midpoint of its annual profit forecast range, sending its shares up 2.7% in early trading. Smithfield said average sales prices for its packaged meat, including bacon, sausage and hot dogs, climbed 9.2%, while prices for its fresh pork products ...

BRF and meat peer Marfrig Global Foods have agreed terms with Halal Products Development Company (HPDC) to broaden a Saudi Arabia joint venture. Both of the Brazilian meat giants now form MBRF following the approval of a merger agreement in September. Prior to that combination, BRF had set up a joint venture with HPDC, which is owned by Saudi Arabia's sovereign wealth fund, the Public Investment Fund. Under an agreement announced yesterday (27 October), BRF will move its distribution businesses in Kuwai ...

Farmer-shareholders of Alliance Group have approved a deal that will see Irish processor Dawn Meats take a majority stake in the New Zealand co-op. Dawn Meats will pay NZ$270m ($154.4m) in return for a 65% stake in the business. Alliance Group's farmer-members will retain a 35% shareholding. A total of 2,675 shareholders voted, representing more than 88% of the company’s issued shares. Over 87% of the votes were in favour of the proposal. In August, Dawn Meats said it was seeking to take a 65% stake in ...

收购要约更新 - 爱尔兰Dawn Meats公司根据先前约定的调整机制，将其对新西兰Alliance Group的多数股权收购报价提高，额外支付2000万至2500万新西兰元[1] - Dawn Meats于8月确认，拟以2.5亿新西兰元（当前约合1.434亿美元）收购该肉类合作社65%的股份[1] - 追加付款的原因是Alliance Group已达到全年利润和债务目标的条件，其利润预估在1800万至2400万新西兰元之间，超出预期，同时净债务低于预期[2] 交易条款与股东投票 - 额外的2000万至2500万新西兰元将在交易完成后，通过向合作社成员支付股息的方式进行分配[2] - 交易最终投票结果预计在下周周一或周二公布[3] - 除追加款项外，已约定4000万新西兰元的忠诚付款，这意味着总股息支付额将达到约6000万新西兰元[3] Alliance Group的财务状况与立场 - Alliance Group在2024年报告营收为18亿新西兰元，但税后亏损达9580万新西兰元[6] - 公司曾于9月表示，若股东拒绝Dawn Meats的收购要约，将面临“潜在破产”的风险[3] - 公司董事会一致推荐接受该提议，并表示在过去两年实施修订战略后，已成为一个更精简、更健康、更强大的企业[4] 交易失败的后备方案与独立建议 - 若股东否决收购，Alliance Group可考虑的选项包括资产出售、场地关闭、成本削减、向股东或其他投资者筹集资本，或进入破产程序[5] - 独立顾问Northington Partners在其报告中指出，Dawn Meats的要约是满足合作社战略和财务需求的“最佳”且“唯一”的选择[5] - Alliance Group由约4300名股东拥有[6]

涉及的行业与公司 * 行业：中国消费品（猪肉及肉类加工）[1] * 公司：WH集团（股票代码：0288 HK）及其中国业务双汇发展（股票代码：000895 SZ）[1][3] 核心观点与论据 业绩预测 * 预计WH集团2025年第三季度营业利润同比增长2% 主要得益于中国业务营业利润预计增长约2% 以及美国和国际业务营业利润合计增长2%[1] * 预计WH集团2025年第四季度营业利润增长将加速至6% 主要受中国业务强劲增长12% 以及约3000万美元的一次性管理激励减少所推动[2] * 将WH集团2025-2027年税后利润预测上调约2% 但将双汇发展的预测下调2% 主要反映上游业务的影响 WH集团股东应占净利润下调1-2% 主要反映在史密斯菲尔德食品公司的持股比例降低[3] 中国业务分析 * 中国业务（双汇发展）2025年第三季度增长主要由包装肉制品驱动 预计单位利润约为每吨5003元人民币 但销量增长温和 预计为1%[1] * 中国业务2025年第四季度增长预计将由包装肉制品引领 预计营业利润同比增长9% 单位利润为每吨4785元人民币 而生鲜肉/生猪生产业务预计保持疲软[2] * 生鲜肉业务面临生猪价格下跌、竞争以及冷冻库存减值的负面影响 预计2025年第三季度营业利润将出现两位数百分比同比下降[1] 美国及国际业务分析 * 美国业务方面 美国团队预计生猪生产将推动近期上行 包装肉制品韧性将持续 但鉴于投入成本上升 下调了对生鲜猪肉的预期[1] * 欧洲业务面临生猪生产业务的阻力[1] 投资建议与估值 * 维持对WH集团的买入评级 12个月目标价调整为9港元（原为9.4港元） 基于分类加总估值法 当前股价7.92港元 潜在上行空间13.6%[3][9] * 维持对双汇发展的中性评级 基于估值合理 12个月目标价调整为24.8元人民币（原为25.3元人民币） 当前股价24.74元人民币 潜在上行空间0.2%[3][10] * 双汇发展的目标价基于17倍2025年预期市盈率[13] 其他重要内容 风险因素 * 双汇发展关键风险：包装肉制品竞争强度变化 终端市场对生鲜猪肉/包装肉制品需求强弱 上游业务进展快慢[13][14] * WH集团关键风险：美国业务（经济放缓影响需求 消费趋势转变 原材料成本上升 监管变化 劳动力问题 食品安全事件） 中国业务（生猪价格波动 玉米价格压力 中美关税） 食品安全问题[15][16] 财务数据摘要 * WH集团市值约为1016亿港元（131亿美元） 预计2025年每股收益为0.12美元 市盈率为8.4倍 股息收益率为7.1%[9] * 双汇发展市值约为857亿元人民币（120亿美元） 预计2025年每股收益为1.46元人民币 市盈率为16.9倍 股息收益率为5.8%[10]

Spain's Noel Alimentaria has purchased a 25% interest in fellow Iberian meat company Garrudo Benito. Financial terms of the deal were not disclosed as Noel said in a statement that it plans to increase its holding in family-owned Garrudo Benito to 50% by 2028 through a phased process. The acquisition is intended to “secure and expand” Noel’s presence in Iberian meats and secure supply of raw materials for both fresh and processed products over the medium and long term, Noel added. Albert Boix, managing ...

Sweet, smoky heat meets America’s favorite cut with new Smithfield Mike’s Hot Honey BaconSMITHFIELD, Va., Oct. 01, 2025 (GLOBE NEWSWIRE) -- Smithfield® is turning up the flavor with a sizzlin’ new collab – Smithfield Mike’s Hot Honey Bacon. Bringing together two icons – bacon and honey – in one craveworthy bite, this first-of-its-kind innovation infuses Smithfield’s hickory smoked bacon cured to perfection, with the signature sweet heat of Mike’s Hot Honey, the original and leading hot honey brand. The resu ...