National Beef Inc. announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its Class A common stock. The shares of common stock to be sold in the offering are expected to be offered by the company. A Wall Street Journal report states that National Beef plans to sell up to $300 million in stock through an initial public offering.

BofA Merrill Lynch and Credit Suisse Securities (USA) LLC will be the joint book-running managers of the offering. The number of shares to be offered and the price range of the offering have not yet been determined. The company intends to apply to have its common stock listed on the New York Stock Exchange under the ticker symbol "NBP."

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

The offering of common stock will be made only by means of a prospectus. A copy of the preliminary prospectus, when available, may be obtained from: BofA Merrill Lynch at 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department; and Credit Suisse Securities (USA) LLC at One Madison Avenue 1B, New York, NY 10010, Attention: Prospectus Department, or by calling (800) 221-1037.


Source: National Beef Inc., Wall Street Journal



California company recalls 925 pounds of ground beef

San Diego Meat Co., a San Diego, Calif., establishment, is recalling approximately 925 pounds of ground beef products that may be contaminated with E. coli O157:H7, the U.S. Department of Agriculture's Food Safety and Inspection Service (FSIS) announced.

The products subject to recall include 15-pound cases of "San Diego Meat, Ground Beef Patties." and 10-pound bags of "San Diego Meat, Bulk Ground Beef." Each case and bag bears establishment number "EST. 4116" inside the USDA marks of inspection.

The products were produced October 7, 2009 through October 9, 2009 and October 12, 2009 and were distributed to restaurants and two caterers in the San Diego County area. The problem was discovered through FSIS microbiological sampling. FSIS has received no reports of illnesses associated with consumption of these products.


Source: FSIS



Jury selection begins in Agriprocessors bank fraud trial

The bank fraud trial of former Agriprocessors manager Sholom Rubashkin began with jury selection. Rubashkin has been charged with lying to a St. Louis bank and overstating the value of the meat plant's collateral in order to obtain cash advances on a $35 million loan. He has been charged with a total of 91 charges, including bank fraud, mail fraud, and wire fraud.

USA Today reports that a large contingent of Rubashkin's supporters came to the courthouse to lend their support. "Everyone who knows him, knows him as a great man," said Eli Ezer Pinson, 21, who joined a 24-hour bus ride from Brooklyn to show his support. "People look up to him. He always made time for everyone."

When the bank fraud trial has concluded, the second trial for harboring illegal immigrants for profit will begin. Agriprocessors' Postville, Iowa, plant was raided in May, 2008, and 389 illegal immigrants were found working there. Rubashkin, as well as lower-level managers, are charged with 163 counts in that case. Both trials have been moved from Iowa to Sioux Falls, S.D., because of the negative publicity in Iowa.


Source: United Press International, USA Today



Russia to allow boneless meat shipments from Canada

Canada's Agriculture Minister Gerry Ritz said that Russia will allow imports of boneless beef from cattle older than 30 months. The move will be implemented before the end of the year, Bloomberg reports, and Ritz said the agreement will make it easier for Canadian cattle producers to assemble commercially viable shipments to Russia.


Source: Bloomberg