JBS, the Brazilian meat company whose former chairman was arrested over the weekend, has agreed to sell poultry producer Moy Park to another subsidiary for about $1bn (€832m).

The global dairy industry is being reshaped by a wave of dealmaking driven by low milk prices and growing demand for products like yoghurt and baby formula in Asia and the Middle East.

NO Irish company has made it into the global dairy top-20 ranking compiled by Rabobank Group.