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MCDONALD'S CORPORATION

(MCD)
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Brazil's Marfrig to sell U.S. unit to Tyson for $2.5 billion: sources

08/17/2018 | 03:21pm EST
FILE PHOTO Tyson Foods brand frozen chicken wings are pictured in a grocery store freezer in the Manhattan borough of New York City

SAO PAULO (Reuters) - Brazilian meatpacker Marfrig Global Foods has agreed to sell its U.S. subsidiary, a key McDonald's supplier, to Tyson Foods Inc for $2.5 billion, two people with knowledge of the matter told Reuters on Friday.

Marfrig shares rose as much as 8 percent but reversed gains and were down 7.3 percent at 6.38 reais as investors reassessed the price of the deal. Tyson rose 1.2 percent to $61.71.

In a note to clients, Itaú BBA's equities team said the news is "negative for the stock," as the market hoped for a higher valuation of up to $3 billion, for chicken processor Keystone Foods. The bank kept its "underperform" rating on Marfrig.

Marfrig's controlling shareholder Chairman Marcos Molina, who owns around 35 percent of the meatpacker, agreed on Thursday to sell Keystone, a major chicken products supplier to McDonald's Corp for $2.5 billion, according to the sources.

They asked for anonymity because they are not authorized to discuss the matter publicly.

One of the sources said Marfrig may announce the deal as soon as Friday after the market closes. Some small details related to the deal, such as potential spin off of some small assets from Keystone, is delaying a final agreement.

Newspaper Valor Economico reported the deal on its website earlier Friday.

Tyson and Marfrig declined to comment.

Marfrig Chief Financial Officer Eduardo Miron told journalists on Thursday that the company "can close the deal any moment."

Tyson entered exclusive talks to acquire Keystone in late July.

(Reporting by Tatiana Bautzer; Editing by Jeffrey Benkoe and Chizu Nomiyama)

By Tatiana Bautzer and Paula Laier


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) -0.10% 6.1766 Delayed Quote.-3.35%
MARFRIG GLOBAL FOODS S.A. 0.40% 22.44 Delayed Quote.2.08%
MCDONALD'S CORPORATION 0.58% 254.59 Delayed Quote.-5.03%
TEAM, INC. -6.43% 0.6363 Delayed Quote.-41.62%
TYSON FOODS, INC. -0.59% 89.93 Delayed Quote.3.18%
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Financials (USD)
Sales 2021 23 245 M - -
Net income 2021 7 660 M - -
Net Debt 2021 31 704 M - -
P/E ratio 2021 24,9x
Yield 2021 2,06%
Capitalization 190 B 190 B -
EV / Sales 2021 9,55x
EV / Sales 2022 8,97x
Nbr of Employees 200 000
Free-Float -
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Number of Analysts 37
Last Close Price 254,59 $
Average target price 280,75 $
Spread / Average Target 10,3%
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Managers and Directors
Christopher J. Kempczinski President, Chief Executive Officer & Director
Kevin M. Ozan Chief Financial Officer & Executive Vice President
Enrique Hernandez Director
Daniel Henry Global Chief Information Officer & Executive VP
Robert A. Eckert Independent Director
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