Tyson Foods agreed to sell its poultry unit in Mexico and Brazil to JBS to raise $575 million to pay for the acquisition of Hillshire Brands. On 28th July, Tyson posted third quarter results and a strong fiscal guidance for 2015. The earnings of $0.75 per share were $0.03 lower than consensus expectations but revenue of $9.6 billion was better than our estimates of $9.47 billion. Sales grew 10.9% to $9.7 billion as price rises forced largely increase in categories of beef, pork, and prepared foods, whilst chicken sales remained flat as a result of operational concerns. Margins in both chicken and pork remained still robust, at 6.9% and 7.2 % correspondingly, but lukewarm beef margins (2.4%) and augmented losses in global and prepared foods led operating margins losing 120bps to 3.6 percent.