Beyond Meat Inc (NASDAQ:BYND) shares jumped higher on Thursday after McDonald’s Corporation (NYSE:MCD) revealed that it plans to test a plant-based burger using the firm's patties in Canada.
In a statement, the fast-food restaurant chain said the 12-week test will start on September 30 at 28 restaurants in Southwestern Ontario.
The item will appear on those menus as the P.L.T, which stands for plant, lettuce and tomato. The burger will sell for C$6.49 ($4.90), plus tax.
In New York trading, Beyond Meat shares added over 8% at $149.90, while McDonald’s shares edged up 0.4% to $213.52
The announcement coincided with the news of the launch by food giant Nestle SA of its 'Awesome' vegan burgers in the United States on Thursday, as the Swiss firm also seeks to tap into the country’s growing craze for plant-based meat.
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