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    MRFG3   BRMRFGACNOR0

MARFRIG GLOBAL FOODS S.A.

(MRFG3)
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Brazil's Marfrig moves closer to BRF offer threshold -source

06/02/2021 | 12:42pm EDT

SAO PAULO, June 2 (Reuters) - Brazilian meatpacker Marfrig Global Foods is increasing its stake in food processor BRF SA to up to 30%, a source familiar with the move told Reuters, putting the buyer close to the threshold where it would have to make a public tender for all the company's outstanding shares.

Marfrig previously owned a 24% stake that it acquired last month and was approaching a 30% holding via open market transactions, the source said.

Financial blog Brazil Journal first reported the move earlier on Wednesday.

Marfrig, which produces beef in the United States, Brazil and Argentina, declined to comment on the transaction. Its shares were up 3.1% on the Sao Paulo stock exchange in early afternoon trading.

BRF, the world's largest poultry exporter, and which also produces pork, also declined comment on the matter.

While BRF's shares have soared around 12% since Tuesday to trade at a 52-week high, the company said in a securities filing on Wednesday that it was unaware of the reasons behind the sudden spike.

BRF stock was up 4.1% in early afternoon trade.

When Marfrig surprised the market by buying the 24% stake last month, the company said it was only interested in a passive stake in BRF. Yet its stakebuilding comes almost two years after previous failed merger talks between the two companies.

Combined, Marfrig and BRF could be in a better position to take on industry leader JBS SA, although any tie-up could bring risks too.

BRF's by-laws demand that an investor that reaches a 33.33% stake in the company is mandated to make a tender offer for all of its remaining shares. (Reporting by Nayara Figueiredo and Tatiana Bautzer in São Paulo Writing by Ana Mano Editing by Clelia Oziel and David Holmes)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BRF S.A. -1.01% 23.64 End-of-day quote.7.26%
EURO / ARGENTINE PESO (EUR/ARS) 0.03% 115.6983 Delayed Quote.12.82%
EURO / BRAZILIAN REAL (EUR/BRL) 0.03% 6.2032 Delayed Quote.-2.79%
JBS S.A. 1.13% 33.03 End-of-day quote.39.60%
MARFRIG GLOBAL FOODS S.A. 1.03% 21.63 End-of-day quote.49.07%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 98.3 Delayed Quote.16.62%
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Analyst Recommendations on MARFRIG GLOBAL FOODS S.A.
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Financials
Sales 2021 74 348 M 14 104 M 14 104 M
Net income 2021 3 191 M 605 M 605 M
Net Debt 2021 16 201 M 3 073 M 3 073 M
P/E ratio 2021 4,58x
Yield 2021 4,95%
Capitalization 14 954 M 2 846 M 2 837 M
EV / Sales 2021 0,42x
EV / Sales 2022 0,41x
Nbr of Employees 32 010
Free-Float 45,6%
Chart MARFRIG GLOBAL FOODS S.A.
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Technical analysis trends MARFRIG GLOBAL FOODS S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 21,63 BRL
Average target price 24,17 BRL
Spread / Average Target 11,7%
EPS Revisions
Managers and Directors
Miguel de Souza Gularte Chief Executive Officer
David Tang Chief Financial & Administrative Officer
Marcos Antonio Molina dos Santos Chairman
Antônio dos Santos Maciel Neto Independent Director
Herculano Aníbal Alves Independent Director
Sector and Competitors
1st jan.Capi. (M$)
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