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    MRFG3   BRMRFGACNOR0

MARFRIG GLOBAL FOODS S.A.

(MRFG3)
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Shares in Brazil's BRF jump after Marfrig seeks antitrust approval for BRF stake

06/01/2021 | 05:38pm EDT

SAO PAULO, June 1 (Reuters) - Shares in Brazilian pork and poultry processor BRF SA closed up nearly 10% on Tuesday after beef producer Marfrig Global Foods SA asked antitrust watchdog CADE to approve its purchase of almost a quarter of BRF's stock.

There were also rumors among traders that Marfrig was continuing to build on its stake throughout the day, according to the local press.

In May, Marfrig announced publicly that it had bought 24% of BRF's outstanding shares, adding that it had no intention of influencing BRF's strategy or management.

Marfrig's decision to seek an antitrust review of its purchase of a stake in Sao Paulo-listed BRF, Brazil's biggest poultry processor and owner of leading brands like Sadia, underscores the sensitivity of the investment.

A Marfrig spokeswoman told Reuters on Tuesday that the application, which is meant to be analyzed under a fast-track procedure, was made on May 28 and could be processed in as little as 30 days by Brazilian antitrust authorities.

The beef company said on May 21 that the investment, which comes almost two years after previous failed merger talks between the two companies, was a passive stake solely aimed at diversifying its holdings.

Marfrig, which spent around $800 million to build the BRF stake over a few days, said it had no immediate plans to seek representation on the company's board.

CADE said in an emailed message to Reuters that so far there was no notice of any filing in the federal gazette by Marfrig seeking antitrust clearance for the deal.

Also on Tuesday, Sao Paulo daily O Estado de S. Paulo and financial blog Brazil Journal reported that there were widespread rumors among traders of Marfrig building upon its position in BRF throughout the trading session.

Both companies declined to comment on the matter.

Common shares in BRF closed up 9.55%, the biggest gainer on Brazil's benchmark Bovespa equities index. Common shares in Marfrig closed up 0.6%. (Reporting by Ana Mano; Additional reporting and writing by Gram Slattery Editing by Alexander Smith and Richard Pullin)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BIKE24 HOLDING AG -1.86% 24.3 Delayed Quote.0.00%
BRF S.A. 2.68% 24.56 End-of-day quote.11.43%
EURO / BRAZILIAN REAL (EUR/BRL) 0.47% 6.2556 Delayed Quote.-1.87%
IBOVESPA -0.69% 113282.67 Delayed Quote.-5.66%
MARFRIG GLOBAL FOODS S.A. 1.12% 22.66 End-of-day quote.56.17%
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Financials
Sales 2021 74 348 M 13 929 M 13 929 M
Net income 2021 3 191 M 598 M 598 M
Net Debt 2021 16 201 M 3 035 M 3 035 M
P/E ratio 2021 4,80x
Yield 2021 4,73%
Capitalization 15 666 M 2 932 M 2 935 M
EV / Sales 2021 0,43x
EV / Sales 2022 0,42x
Nbr of Employees 32 010
Free-Float 45,6%
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Technical analysis trends MARFRIG GLOBAL FOODS S.A.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 22,66 BRL
Average target price 24,17 BRL
Spread / Average Target 6,65%
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Managers and Directors
Miguel de Souza Gularte Chief Executive Officer
David Tang Chief Financial & Administrative Officer
Marcos Antonio Molina dos Santos Chairman
Ant˘nio dos Santos Maciel Neto Independent Director
Herculano AnÝbal Alves Independent Director
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