He also said that he believes that the deal could be consummated "very quickly," as early as the third quarter of 2014. Pilgrim's said the proposed Hillshire merger has the support of its majority shareholder, JBS S.A. JBS is a Brazilian meat company (one of the largest meat companies in the world) and holds a 75.5% stake in Pilgrim's. In a note sent to Hillshire president and CEO Sean Connolly, Lovette noted that the Hillshire-Pinnacle acquisition agreement includes a "superior proposal" clause and that Pilgrim's offer is of "superior value and far greater certainty to Hillshire shareholders than the contemplated Pinnacle transaction." Representatives from Pinnacle were not immediately available for comment. In a statement released later in the morning, Hillshire responded, "We continue to strongly believe in the strategic merits and value creation potential provided by the proposed transaction with Pinnacle Foods.