SAO PAULO (Reuters) -Brazilian securities regulator CVM postponed for the second time a shareholder vote on the takeover of poultry and pork processor BRF by beef processor Marfrig, BRF said in a securities filing on Friday. CVM last month had already postponed the meeting for 21 days following a request from minority shareholders, but Marfrig […]
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Brazil regulator again postpones shareholder meeting on Marfrig-BRF
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SAO PAULO (Reuters) -Brazilian securities regulator CVM postponed for the second time a shareholder vote on the takeover of poultry and pork processor BRF by beef processor Marfrig, BRF said in a securities filing on Friday.
CVM last month had already postponed the meeting for 21 days following a request from minority shareholders, but Marfrig and BRF later said the vote was set to resume on July 14.
Shares of BRF and Marfrig were trading down almost 4% each after the filing’s release, while Brazil’s benchmark stock index Bovespa was down 0.6%.
According to the filing, the regulator received and analyzed new requests to postpone the meeting.
Local newspaper O Globo had reported earlier in the day that the postponement was due to BRF’s failure to present the necessary information for shareholders to make an informed decision on the case.
CVM has requested the disclosure of additional information provided to the independent committees of the companies, and has granted the new postponement requests for a 21-day period as from their disclosure, the filing said.
The new date for the meeting will be released by BRF, it added.
(Reporting by Gabriel Araujo; Writing by Isabel Teles; Editing by Brendan O’Boyle)