SAO PAULO, June 1 (Reuters) - Brazilian beef producer Marfrig Global Foods has formally asked antitrust watchdog CADE to approve its purchase of almost a quarter of BRF’s outstanding stock.
A Marfrig spokeswoman told Reuters on Tuesday that the application, which is meant to be analyzed under a fast-track procedure, was made on May 28 and could be processed in as little as 30 days.
Marfrig’s decision to seek antitrust review of its purchase of a 24% stake in BRF, Brazil’s biggest poultry processor and owner of leading brands like Sadia, underscores the sensitivity of the investment despite Marfrig’s insistence that it is not seeking to influence BRF’s management.
The beef company said on May 21 that the investment, which comes almost two years after previous failed merger talks between the two companies, was a passive stake solely aimed at diversifying its holdings.
Marfrig, which spent around $800 million to build the BRF stake over a few days, said it had no immediate plans to seek representation on the company’s board.
CADE said in an emailed message to Reuters that so far there was no notice of any filing in the federal gazette by Marfrig seeking antitrust clearance for the deal. (Reporting by Ana Mano; Editing by Alexander Smith)