BRASILIA, BRAZIL – Marfrig Global Foods S.A. recently announced it will acquire a 24.23% stake in fellow Brazilian meat producer BRF S.A., which converts to 196,869,573 common shares.

“The aforementioned acquisition in BRF aims to diversify Marfrig's investments in a segment that has complementarities with its sector of activity in a company where the Administration has been carrying out recognized management,” Marfrig said.

Marfrig said that it does not intend to elect members to BRF’s board of directors or influence over the activities of BRF.  

The two companies showed serious signs in 2019 of a possible merger.

In December 2018, Marfrig acquired majority shares of Argentina-based Quick Food S.A. which was owned by BRF for $60 million. Marfrig also agreed to acquire real estate and equipment from a BRF unit located in Várzea Grande in the Brazilian state of Mato Grosso for 100 million Brazilian reais.

Marfrig also acquired Kansas City, Mo.-based National Beef Packing Co. LLC in 2018.