Pilgrim's Pride buys Moy Park from biggest shareholder JBS

Pilgrim's Pride says it paid about $1 billion to buy U.K. poultry producer Moy Park from its biggest shareholder JBS, which has been selling off its assets amid a corruption scandal in Brazil.

Greeley, Colorado-based Pilgrim's Pride Corp. said Monday the acquisition will help it expand in Europe. It plans to keep Moy Park's workers and headquarters in Northern Ireland. Like Pilgrim's Pride, Moy Park sells frozen and fresh chicken.

Meat producer JBS, which has a more than 78 percent stake in Pilgrim's Pride, is in the midst of selling assets after executives admitted to bribing politicians in Brazil.

Shares of Pilgrim's Pride fell 82 cents, or 2.8 percent, to $28.28 in afternoon trading.