JBSS3 Jbs Sa

By Jacob Bunge and Cara Lombardo 

Hebrew National may soon answer to a different authority.

Conagra Brands Inc. is in talks to sell the famous hot dog brand to Brazil's JBS SA, people familiar with the matter said.

A deal, which the people said could also include the Egg Beaters and Odom's Tennessee Pride brands, could be valued at around $700 million. Any agreement is likely weeks away and Conagra could end up keeping the business or selling it to someone else, the people cautioned.

Conagra in April 2019 said Hebrew National's sales over the previous year were $170 million, and Egg Beaters' were $78 million. But the kosher hot dog's popularity and cultural cache transcend the brand's size, thanks in part to its long-running slogan, "We answer to a higher authority."

Conagra, which has a market value of around $17.6 billion, has been retooling its portfolio to boost its frozen food and snack brands such as Healthy Choice and Slim Jim.

For JBS, the biggest beef processor in the U.S., buying the business would expand its reach into grocery store meat cases at a time when consumers have shifted their food-buying preferences toward supermarkets and away from sit-down restaurants.

(More to come.)

--Annie Gasparro contributed to this article.

Write to Jacob Bunge at jacob.bunge@wsj.com and Cara Lombardo at cara.lombardo@wsj.com

(END) Dow Jones Newswires

March 09, 2021 19:44 ET (00:44 GMT)

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