Brazilian meat company Marfrig Global Foods has increased its stake in BRF to 31.66%, two weeks after the firm revealed that it had acquired a quarter of its competitor’s shares for around $800 million.
In recent weeks, Marfrig has been buying up BRF shares in open market transactions, according to Reuters. In a statement, the beef producer disclosed that it now holds 257,267,671 BRF common shares.
Marfrig previously claimed that its purchase of a 24% stake in BRF, announced last month, was part of its aim to diversify its holdings and that it did not intend to elect members to BRF’s board of directors or exert any influence over the activities of the company.
The Brazilian meat giant has now reiterated these intentions.
“Marfrig reaffirms that the acquisition of the aforementioned stake is aimed at diversifying investments in a segment that complements its industry,” the company said in a statement.
“Marfrig also informs that…[it] does not intend to elect members to the board of directors or exert influence over BRF’s activities.”
The transactions come around two years after the companies entered into talks to merge and create one of the world’s largest meat producers, however negotiations ended a few months later.
BRF’s bylaws require that an investor that reaches a 33.33% stake in the firm make a tender offer for the rest of its shares, according to Reuters.
© FoodBev Media Ltd 2022
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry. Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial
Your privacy We use small files known as ‘cookies’ to enhance your experience of the FoodBev website and analyse site-traffic. Read about how we use cookies or how you may control them in our updated privacy policy and cookie policy. If you continue to use this site, you consent to our use of cookies. Click the ‘OKAY‘ button at the top right of this panel to accept or click here for more information.