Brazil’s Marfrig into buy control Of U.S.-based National BeefReuters #National_BeefNovember 19, 2019
SAO PAULO (Reuters) – Brazil’s Marfrig Global Foods SA ( MRFG3.SA ) said on Monday it would buy control of U.S.-based National Beef Packing Co for $969 million, in a deal that would make it the world’s No.
2 beef processor.
Martin Secco Arias, Chief Executive Officer of Marfrig Global Foods SA, poses for a photograph after attending a news conference in Sao Paulo, Brazil April 9, 2018.
Marfrig also said it was seeking to sell an existing U.S. unit, Keystone Food LLC.
The proceeds will be used to repay $1 billion in loans it is taking out to finance the acquisition, which involves Marfrig obtaining 51 percent of National Beef, the United States’ fourth-largest beef processor.
Analysts said the resulting company would be less indebted and better positioned to profit in the global market for beef products.
However, U.S. agriculture anti-trust group the Organization for Competitive Markets lamented the increasing involvement of non-U.S. companies in the country’s beef trade.
The transaction will also give Marfrig broader access to the U.S. market almost a year after the United States banned imports of fresh Brazilian beef over safety concerns.
“Brazil has faced barriers to sell beef into the U.S. and this is just one way to get exports to the U.S.
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