The marriage between BRF () and Marfrig () announced last Thursday (15) has a special guest, and it is not yet clear where the dance should take.
Salic, a Saudi investment company in the agricultural and livestock industry, is an investor at BRF. No problem so far. It turns out that the same Salic is the main investor of Minerva Foods (), Marfrig competitor in the beef meat business in Brazil.
Now, the foreign company is about to be diluted in both businesses in which it is a partner, in two of the three largest refrigerators in Brazil.
“Salic has a little over 30% of Minerva today, which is the second largest bovine player in the country and has 11% of BRF. But with the merger it goes around 10% of the resulting company,” explains the Head of the Agro, Food and Beverages at XP Research, Leonardo Alencar.
Already in Minerva, Salic should be diluted in the midst of capital increase. The company announced that the operation would be $ 2 billion, but the company Vilela de Queiroz, founder of the company, and Salic pledged with an offer of $ 1 billion, of which $ 300 million will be paid for the Saudi and another $ 700 by the company.
“So it’s an inverse relationship of shareholding participation. Salic would be diluted within Minerva,” explains Alencar. He says this is one of the only points that can still cause doubts about the course of the merger process of BRF and Marfrig in the Administrative Council for Economic Defense (Cade).
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Since 2021, Marfrig had been increasing its participation in BRF until it reached the level of 50.49% current. For all this period, there was no problem with Cade. The same happened when the stock base, with a favorable opinion of Cade
The market doubt now revolves around the participation of the Saudi Fund in two Brazilian refrigerators. “We will have to see what communication will look like in the coming days, but I wouldn’t expect any bitter remedy,” says Alencar.
O Infomoney He sought the Brazilian Association of Animal Protein (ABPA), questioning the impact of merger on the market. The entity’s press office, however, said it would not comment on “specific situation of companies”.
