According to Bloomberg, Sadia SA, Brazil's biggest poultry exporter, is in talks to sell a stake of as much as 20 per cent to help cover losses from wrong-way currency bets. Bloomberg was citing a report in Estado de Sao Paulo.

The company is seeking to raise as much as 800 million reals ($360 million) with the sale, the Sao Paulo-based newspaper said, citing unidentified people from equity funds in talks with Sadia.

Sadia shares gained in the past two days because of speculation the company plans to sell a stake, according to the report.