JBS's Acquisition of Seara Clears Anti-trust Hurdle13 September 2013
BRAZIL - The country's anti-trust watchdog, Cade, has approved the purchase of JBS SA's purchase of Marfrig Alimentos SA's Seara Brasil-branded Brazilian processed foods business by JBS SA, without restrictions.
Marfrig Alimentos S.A. has announced - with regard to the joint announcement of material fact released on 10 June 2013 - that CADE has approved, without restrictions, the Agreement for Purchase and Sale of Equity Interest and Other Covenants dated 7 June 2013.
The agreement was one in which Marfrig and JBS S.A. agreed the terms and conditions of:
- sale to JBS of ownership interests Marfrig holds in certain companies belonging to the group, which own the Seara Brasil business unit
- sale to JBS of the ownership interest Marfrig holds in 100 per cent of the share capital of the company that owns the Marfrig group’s leather business in Uruguay (Zenda), and
- transfer to JBS of the full ownership interest Marfrig holds both directly and indirectly in shares representing 64.57 per cent of the shares of stock of the public company, Excelsior Alimentos S.A.
The Company will keep shareholders and the market informed of any further developments concerning this subject.
The announcement by CADE (Administrative Council for Economic Defense) was published in the Federal Official Gazette on 12 September.
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