{"id":95456,"date":"2025-08-21T22:04:33","date_gmt":"2025-08-22T01:04:33","guid":{"rendered":"https:\/\/murray.adv.br\/?p=95456"},"modified":"2025-08-21T22:04:33","modified_gmt":"2025-08-22T01:04:33","slug":"antitrust-body-secures-majority-to-approve-brf-marfrig-merger","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/","title":{"rendered":"Antitrust body secures majority to approve BRF-Marfrig merger"},"content":{"rendered":"
\n
\n
\n
CADE\u2019s tribunal leans toward unconditional approval despite SALIC dispute<\/em><\/h6>\n<\/div>\n<\/div>\n
\n
\n
\n
\n
<\/div>\n

 <\/p>\n

 <\/p>\n

08\/21\/2025<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

\n
\n
\n
\n

Brazil\u2019s Administrative Council for Economic Defense (CADE) has reached a majority in favor of approving the merger between giant meatpackers BRF and Marfrig without restrictions, even though the final vote has been postponed after Counselor Carlos Jacques requested more time to review the case.<\/p>\n<\/div>\n

\n
\n

So far, four counselors have voted to approve the deal, diverging from the position of the case\u2019s rapporteur, Counselor Gustavo Augusto, who also favored approval but proposed restrictions on the Saudi Agricultural and Livestock Investment Company (SALIC). Through its subsidiary Salic International Investment Company (SIIC), the Saudi fund holds shares in the merged company and could potentially exercise political rights. The majority, however, opted not to rule on this point.<\/p>\n<\/div>\n

\n

The issue was brought forward by Minerva, a competitor in the beef market, which argued that SALIC\u2019s shareholding structure could give the fund undue influence over direct competitors in the fresh beef segment. Minerva, in which SALIC also holds a stake, warned of possible competitive distortions.<\/p>\n<\/div>\n

\n

Minerva\u2019s attorney, former CADE counselor Luiz Hoffmann, stressed during Wednesday\u2019s oral arguments that \u201cSALIC will indeed have an active presence in the post-merger scenario.\u201d He also raised concerns about the combined purchasing power of BRF and Marfrig and the strengthened brand portfolio, since the two companies together control 37 brands.<\/p>\n<\/div>\n

\n

Mr. Hoffmann argued that the deal should have been filed as an incorporation rather than a simple acquisition, which would affect how Marfrig\u2019s control over the new entity is assessed. The case had initially been approved by the CADE\u2019s General Superintendence but was escalated to the tribunal following Minerva\u2019s appeal.<\/p>\n<\/div>\n

\n

Representing BRF and Marfrig, attorney Victor Rufino countered that SALIC\u2019s permanence in the new company is not guaranteed, since the Saudi fund has a defined exit period. Should SALIC remain a shareholder, he said, its position would be duly reported to the CADE.<\/p>\n<\/div>\n

\n

Mr. Rufino dismissed Minerva\u2019s claims as being driven more by \u201ca private vendetta against Marfrig\u201d than by legitimate competition concerns, pointing to ongoing disputes between the companies, including a breach-of-contract lawsuit and an arbitration proceeding.<\/p>\n<\/div>\n

\n

In his vote, Rapporteur Gustavo Augusto emphasized that the merger represents a complex corporate restructuring rather than a mere acquisition of equity. \u201cThis cannot be characterized as a simple purchase of shares by a controlling shareholder. It involves a far-reaching corporate reorganization that reshapes the competitive landscape,\u201d he said.<\/p>\n<\/div>\n

\n

Mr. Augusto argued that concerns over the combined portfolio of BRF and Marfrig were overstated, noting that competitors such as JBS and Minerva remain capable of challenging the merged company\u2019s market power. However, he acknowledged lingering uncertainty over SALIC\u2019s potential influence, stating that the fund\u2019s notification on its role does not rule out the exercise of political rights.<\/p>\n<\/div>\n

\n

Counselor Victor Fernandes opposed Mr. Augusto\u2019s approach, voting to approve the merger without addressing SALIC\u2019s participation. His position was supported by counselors Diogo Thomson, Camila Cabral Pires Alves, and Jos\u00e9 Levi, forming the current majority in favor of unconditional approval.<\/p>\n<\/div>\n

\n
\n

BRF and Marfrig declined to comment on the matter.<\/p>\n

*By\u00a0Beatriz Olivon\u00a0and\u00a0Guilherme Pimenta, Globo Rural\u00a0\u2014 Bras\u00edlia<\/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":"

CADE\u2019s tribunal leans toward unconditional approval despite SALIC dispute     08\/21\/2025 Brazil\u2019s Administrative Council for Economic Defense (CADE) has reached a majority in favor of approving the merger between giant meatpackers BRF and Marfrig without restrictions, even though the final vote has been postponed after Counselor Carlos Jacques requested more time to review the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[21026,26351],"class_list":["post-95456","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-antitrust-body","tag-approve-brf-marfrig-merger"],"yoast_head":"\nAntitrust body secures majority to approve BRF-Marfrig merger - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antitrust body secures majority to approve BRF-Marfrig merger - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"CADE\u2019s tribunal leans toward unconditional approval despite SALIC dispute     08\/21\/2025 Brazil\u2019s Administrative Council for Economic Defense (CADE) has reached a majority in favor of approving the merger between giant meatpackers BRF and Marfrig without restrictions, even though the final vote has been postponed after Counselor Carlos Jacques requested more time to review the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/\" \/>\n<meta property=\"og:site_name\" content=\"Murray Advogados\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-22T01:04:33+00:00\" \/>\n<meta name=\"author\" content=\"Gelcy Bueno\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gelcy Bueno\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/\"},\"author\":{\"name\":\"Gelcy Bueno\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"headline\":\"Antitrust body secures majority to approve BRF-Marfrig merger\",\"datePublished\":\"2025-08-22T01:04:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/\"},\"wordCount\":545,\"keywords\":[\"Antitrust body\",\"approve BRF-Marfrig merger\"],\"articleSection\":[\"Murray News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/\",\"url\":\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/\",\"name\":\"Antitrust body secures majority to approve BRF-Marfrig merger - Murray Advogados\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#website\"},\"datePublished\":\"2025-08-22T01:04:33+00:00\",\"author\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"breadcrumb\":{\"@id\":\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\/\/murray.adv.br\/en\/home\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Antitrust body secures majority to approve BRF-Marfrig merger\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/murray.adv.br\/en\/#website\",\"url\":\"https:\/\/murray.adv.br\/en\/\",\"name\":\"Murray Advogados\",\"description\":\"PLG International Lawyers\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/murray.adv.br\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\",\"name\":\"Gelcy Bueno\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"caption\":\"Gelcy Bueno\"},\"url\":\"https:\/\/murray.adv.br\/en\/author\/news\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Antitrust body secures majority to approve BRF-Marfrig merger - Murray Advogados","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/","og_locale":"en_US","og_type":"article","og_title":"Antitrust body secures majority to approve BRF-Marfrig merger - Murray Advogados","og_description":"CADE\u2019s tribunal leans toward unconditional approval despite SALIC dispute     08\/21\/2025 Brazil\u2019s Administrative Council for Economic Defense (CADE) has reached a majority in favor of approving the merger between giant meatpackers BRF and Marfrig without restrictions, even though the final vote has been postponed after Counselor Carlos Jacques requested more time to review the […]","og_url":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/","og_site_name":"Murray Advogados","article_published_time":"2025-08-22T01:04:33+00:00","author":"Gelcy Bueno","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Gelcy Bueno","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/#article","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/"},"author":{"name":"Gelcy Bueno","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"headline":"Antitrust body secures majority to approve BRF-Marfrig merger","datePublished":"2025-08-22T01:04:33+00:00","mainEntityOfPage":{"@id":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/"},"wordCount":545,"keywords":["Antitrust body","approve BRF-Marfrig merger"],"articleSection":["Murray News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/","url":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/","name":"Antitrust body secures majority to approve BRF-Marfrig merger - Murray Advogados","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/#website"},"datePublished":"2025-08-22T01:04:33+00:00","author":{"@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"breadcrumb":{"@id":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/murray.adv.br\/en\/antitrust-body-secures-majority-to-approve-brf-marfrig-merger\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/murray.adv.br\/en\/home\/"},{"@type":"ListItem","position":2,"name":"Antitrust body secures majority to approve BRF-Marfrig merger"}]},{"@type":"WebSite","@id":"https:\/\/murray.adv.br\/en\/#website","url":"https:\/\/murray.adv.br\/en\/","name":"Murray Advogados","description":"PLG International Lawyers","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/murray.adv.br\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e","name":"Gelcy Bueno","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","caption":"Gelcy Bueno"},"url":"https:\/\/murray.adv.br\/en\/author\/news\/"}]}},"_links":{"self":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/95456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/comments?post=95456"}],"version-history":[{"count":2,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/95456\/revisions"}],"predecessor-version":[{"id":95458,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/95456\/revisions\/95458"}],"wp:attachment":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/media?parent=95456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/categories?post=95456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/tags?post=95456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}