Tyson Foods Inc said on Wednesday it had sold its 6.5 percent stake in vegan burger maker Beyond Meat, as the no. 1 U.S. meat processor looks to develop its own line of alternative protein products.
The exit comes against the backdrop of rising tensions between the two companies after Tyson Chief Executive Officer Noel White said in February that the company would develop its own plant-based protein products, Axios reported here earlier on Wednesday, citing multiple sources.
Tyson’s stake was noticeably absent in Beyond Meat’s amended initial public offering filing on the list of stakeholders who own more than 5 percent.
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