{"id":94196,"date":"2025-05-16T21:01:28","date_gmt":"2025-05-17T00:01:28","guid":{"rendered":"https:\/\/murray.adv.br\/?p=94196"},"modified":"2025-05-16T21:01:28","modified_gmt":"2025-05-17T00:01:28","slug":"marfrig-and-brf-merger-creates-r152bn-global-food-powerhouse","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/marfrig-and-brf-merger-creates-r152bn-global-food-powerhouse\/","title":{"rendered":"Marfrig and BRF merger creates R$152bn global food powerhouse"},"content":{"rendered":"
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MBRF formed through share swap, with expected annual synergies of R$805m<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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05\/16\/2025 <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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Food giants Marfrig and BRF announced the merger of their businesses on Thursday (15), creating MBRF Global Foods Company, which launches with R$152 billion in consolidated net revenue over the past 12 months. The deal had been widely anticipated by the market, as Marfrig had gradually acquired shares in BRF in recent years until it gained control of the company.<\/p>\n<\/div>\n

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The transaction involves the incorporation of BRF shares into Marfrig at an exchange ratio of 0.8521 Marfrig share for each BRF share. As part of the agreement, BRF shareholders will receive up to R$3.52 billion in dividends, while Marfrig shareholders will receive R$2.5 billion.<\/p>\n<\/div>\n

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\u201cThe merger unlocks value and creates the structure needed for relocating the company\u2019s headquarters abroad,\u201d said Marcos Molina, controlling shareholder and chairman of the boards of Marfrig and BRF, in an interview with Valor.<\/p>\n<\/div>\n

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According to Mr. Molina, the new company\u2019s growth drivers\u2014Marfrig, BRF, and U.S. subsidiary National Beef\u2014are centered in the United States, the Middle East, and China. Of MBRF\u2019s estimated net revenue, 43% comes from the U.S., 24% from Brazil, 20% from Asia, and 13% from other markets.<\/p>\n<\/div>\n

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In this context, North America is a potential destination for the company\u2019s new headquarters. \u201cThis brings significant advantages, such as high liquidity in the U.S. market, access to more attractive capital costs, and the potential for a revaluation of the companies\u2019 multiples,\u201d he said.<\/p>\n<\/div>\n

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Mr. Molina did not say when the relocation might take place.<\/p>\n<\/div>\n

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New synergies<\/strong><\/p>\n<\/div>\n

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He noted that BRF\u2019s management has been preparing for this moment over the past three years, ever since Marfrig gained control of the poultry and pork producer. Since BRF returned to profitability, the two companies have already been pursuing commercial synergies.<\/p>\n<\/div>\n

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In his view, the companies have captured all the synergies they could under the previous structure. To unlock further gains, a full business combination was essential.<\/p>\n<\/div>\n

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The newly mapped commercial and logistical synergies in MBRF amount to R$805 million per year, with R$400 million to R$500 million expected in the first 12 months and the remainder in the medium to long term.<\/p>\n<\/div>\n

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On the revenue and cost fronts, the goal is to achieve R$485 million per year in synergies. Operating expenses are expected to fall by about R$320 million annually, with measures such as unified commercial and logistics operations, a consolidated IT system, and streamlined corporate structure.<\/p>\n<\/div>\n

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There is also an estimated R$3 billion in present-value tax synergies through the consolidation of corporate tax IDs (CNPJs), which would accelerate the monetization of federal and state tax credits.<\/p>\n<\/div>\n

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Since Marfrig already held 53% of BRF\u2019s capital, the transaction will not require approval by Brazil\u2019s antitrust regulator CADE, Mr. Molina said.<\/p>\n<\/div>\n

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The companies will now call shareholder meetings to vote on the merger. The meetings are expected to take place on June 18, with the transaction slated for completion on July 28.<\/p>\n<\/div>\n

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Of the new company\u2019s total sales, 38% come from processed foods, 34% from poultry and pork, and 29% from beef.<\/p>\n<\/div>\n

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MBRF launches as one of the world\u2019s largest food companies, operating in 117 countries and managing brands such as Sadia, Perdig\u00e3o, Qualy, Banvit, and Bassi. Its portfolio includes beef, pork, and poultry products, processed items, ready meals, and pet food.<\/p>\n<\/div>\n

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Back in 2019, Marfrig and BRF had discussed a merger but abandoned the talks over disagreements on governance. Marfrig then began acquiring BRF shares until it gained control, now holding 53%.<\/p>\n<\/div>\n

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In 2023, Marfrig sold most of its beef operations in South America to Minerva, aiming to refocus on higher-value-added products.<\/p>\n<\/div>\n

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In the second half of 2024, the two companies took steps that signaled a merger was drawing closer. In September, they announced the unification of their main brands: Marfrig\u2019s premium beef burgers adopted the Sadia\/Bassi label, while Perdig\u00e3o\/Montana became the new brand for Perdig\u00e3o\u2019s processed beef line. The following month, they announced that Sadia would become Marfrig\u2019s export brand for beef.<\/p>\n

*By Nayara Figueiredo,\u00a0Alda do Amaral Rocha\u00a0\u00a0and\u00a0Cleyton Vilarino\u00a0\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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