Brazilian beef producer Marfrig Global Foods has formally asked Brazilian antitrust watchdog CADE to approve its purchase of almost a quarter of BRF’s outstanding stock, reported Reuters.
A Marfrig spokeswoman told Reuters on Tuesday, June 1, 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.
Marfrig’s decision to seek antitrust review of its purchase of a 24% stake in BRF, Brazil’s biggest poultry processor and owner of leading brands like Sadia, underscores the sensitivity of the investment despite Marfrig’s insistence that it is not seeking to influence BRF’s management.
The beef company stated 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.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.