Food and Beverage Business
Finance

Marfrig increases its ownership in Brazilian meat peer BRF to more than 50%

Marfrig increases its ownership in Brazilian meat peer BRF to more than 50% BRF, Marfrig Global Foods Food and Beverage Business

Marfrig, a Brazilian meat supplier, has increased its ownership of fellow meat supplier BRF to over 50%. This strategic move comes after Marfrig first invested in BRF in 2021 and now holds 50.06% of the Sadia brand owner. Marfrig has stated that it does not plan to change the current shareholding control composition or the administrative structure of BRF.

Additionally, Marcos Antonio Molina dos Santos, Marfrig’s chairman, is already the chair of the BRF board. Sergio Rial, a former Marfrig CEO, is BRF’s vice chair. BRF’s second-largest shareholder is Salic, Saudi Arabia’s state agriculture fund.

This acquisition comes as BRF reported net operating revenues of 53.81bn reais in 2022, up 11.3% year on year. However, the company’s operating income fell 85.4% to 408m reais, resulting from a 3.09bn reais net loss from continuing operations.

Furthermore, in August, Marfrig agreed to sell cattle slaughtering and deboning plants to Brazilian peer Minerva Foods for 7.5bn reais. Meanwhile, in November, BRF abandoned a plan to sell its pet-food arm more than eight months after announcing it was in talks to offload the assets.

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