By Ana Mano SAO PAULO (Reuters) -The majority of minority shareholders of Brazilian poultry and pork processor BRF have approved a proposed tie-up with beefpacker Marfrig, according to a securities filing on Saturday. The move will create another global food company with origins in Brazil and factories in South America, North America, the Middle East […]
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Brazil’s BRF minority shareholders back Marfrig deal
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By Ana Mano
SAO PAULO (Reuters) -The majority of minority shareholders of Brazilian poultry and pork processor BRF have approved a proposed tie-up with beefpacker Marfrig, according to a securities filing on Saturday.
The move will create another global food company with origins in Brazil and factories in South America, North America, the Middle East and China.
The filing showed 71.4% of minority shareholders in BRF approved the terms of the deal with Marfrig, not including abstentions.
Shareholders representing 90% of BRF’s free float cast their votes, the filing said.
The results indicate support for the deal’s completion ahead of an extraordinary general shareholders meeting scheduled for August 5.
In May, Marfrig unveiled a plan to complete its takeover of BRF, a move that could be followed by the listing of shares of the combined corporate entity, to be called MBRF, in the United States.
In public disclosures, Marfrig and BRF said the proposed deal would involve a share swap whereby BRF shareholders would receive 0.8521 shares of Marfrig for each BRF share they own.
MBRF will also control Marfrig-owned National Beef, a meat processor based in the United States.
(Reporting by Ana ManoEditing by Marguerita Choy)