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SAO PAULO (Reuters) -Shares in Brazilian pork and poultry processor BRF SA closed up nearly 10% on Tuesday after beef producer Marfrig Global Foods SA asked antitrust watchdog CADE to approve its purchase of almost a quarter of BRF’s stock.
FILE PHOTO: A worker cuts up joints of beef at the Marfrig Group slaughterhouse in Promissao, 500 km northwest of Sao Paulo October 7, 2011. REUTERS/Paulo Whitaker/File Photo
There were also rumors among traders that Marfrig was continuing to build on its stake throughout the day, according to the local press.
In May, Marfrig announced publicly that it had bought 24% of BRF’s outstanding shares, adding that it had no intention of influencing BRF’s strategy or management.