NM joins lawsuit against beef packer

SANTA FE, N.M. (AP)--State Attorney General Gary King has joined the U.S. Department of Justice and other attorneys general in an antitrust lawsuit against Brazilian beef giant JBS SA.

The Justice Department filed a lawsuit last month to block JBS from buying the nation's fourth-largest beef packer, National Beef Packing Co., of Kansas City, Mo., in a deal worth $560 million in cash and stock.

Federal regulators and attorneys general from a total of 17 states say the deal could push up costs for consumers and drive down prices paid to ranchers and feedlots.

King said without competition in the market place, JBS would have an unfair advantage and that's not in the best interest of New Mexicans.

11/24/08
5 Star OK\18-B

Date: 11/20/08

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