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Brazil's BRF to get 15 pct of Minerva in beef swap
November 1, 2013 / 7:06 PM / 4 years ago

Brazil's BRF to get 15 pct of Minerva in beef swap

SAO PAULO, Nov 1 (Reuters) - Brazilian beef producer Minerva SA will take control of the beef division of meats processor BRF in exchange for 15 percent of Minerva’s capital, a source familiar with the deal said on Friday.

The two Brazilian food processors did not comment when asked for details.

The source was unauthorized to speak about the matter and declined to be identified.

Shares of Minerva, which will get new beef processing assets in areas of Brazil where it does not have a presence, rose 5 percent to 9.98 reais Friday afternoon. Shares of BRF, which posted disappointing results earlier this week, were down 1.6 percent at 51.77 reais.

Abilio Diniz, former head of Brazil’s biggest retailer Grupo Pão de Açúcar, recently took over as BRF’s chairman and said earlier in the week that the company would focus on “optimizing shareholder value” and investing in its areas of production that offer the highest returns.

BRF is one of the world’s largest exporters of poultry.

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