SAO PAULO, Nov 1 (Reuters) - Brazilian beef producer Minerva SA said in a filing on Friday it will take control of the beef division of meat processor BRF in exchange for 15 percent of Minerva’s capital.
Shares of Minerva, which will get new beef processing assets in areas of Brazil where it does not have a presence, closed up 4.2 percent to 9.90 reais Friday afternoon. Shares of BRF, which posted disappointing results earlier this week, were down 0.9 percent at 52.11 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.