A shareholder meeting involving the potential merger between BRF and Marfrig Global Foods has been postponed, per a decision from the Brazilian Securities Commission (CVM).
In a securities filing that can be seen on the BRF investor relations webpage, it was announced that a shareholder meeting, originally scheduled for June 18, has been postponed for at least 21 days. A vote to approve the planned merger between BRF and Marfrig was expected to be the key order of business at the meeting.
According to the filing, the CVM received two separate requests regarding BRF's extraordinary shareholder meeting - one asking to cancel the meeting entirely and another asking to postpone it.
A similar notice on the Marfrig investor relations webpage said the rescheduled meeting date will be announced in the near future.
Marfrig is the majority stakeholder of BRF and share the same chairman. However, one month ago, both companies announced their intent to pursue a merger, with the proposed name of the combined company being MBRF Global Foods Company.
The proposed merger has already gained approval from Brazil’s antitrust authority, the Administrative Council for Economic Defense (CADE).
BRF is primarily known as a poultry and pork producer, ranking as the world’s third largest poultry producer, having slaughtered 1.67 billion broilers during the past year, according to the WATTPoultry.com Top Poultry Companies Database. In addition to its South American operations, BRF, formerly known as Brasil Foods, has a strong presence in the Middle East.
BRF is also active in the pet food sector. According to Petfood Industry's Top Pet Food Companies, BRF Pet SA became a major player in the Brazilian pet food market in 2021 with the acquisitions of established manufacturers Hecosul and Mogiana.
Marfrig is primarily known as a beef producer, but the joint filing also revealed its slaughter activities also include cattle, horses, pigs, goats, sheep, poultry and buffalo. It is also the former parent company of Keystone Foods, which was acquired by Tyson Foods in 2018.
Both companies rank among the world’s largest feed companies, as BRF is the world’s 14th largest feed producer and Marfrig is the world’s 132nd largest feed producer, having respectively produced 9.6 million and 1.1 million metric tons during the past year, according to information from the Feed Strategy Top Feed Companies Database.
