|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||1.3300 - 1.3600|
|52 Week Range||1.1700 - 2.4000|
|Beta (5Y Monthly)||0.53|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.18 (12.82%)|
|Ex-Dividend Date||Sep 08, 2023|
|1y Target Est||N/A|
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(Bloomberg) -- Brazil’s Minerva SA agreed to buy some assets from rival Marfrig Global Foods SA for $1.5 billion, a “pricey” deal that will create a South American beef giant. Minerva shares slumped.Most Read from BloombergCitadel Vets 69,000 Intern Applicants to Find Next Math GeniusesPutin Agrees to Visit China in First Trip Since Arrest WarrantWhat to Do With a 45-Story Skyscraper and No TenantsCrypto Scores Landmark US Legal Win With Grayscale ETF RulingStocks Up Most Since June as Fed Bets
SAO PAULO (Reuters) -Brazilian meatpacker Marfrig has agreed to sell 16 slaughtering plants to rival Minerva for 7.5 billion reais ($1.54 billion) in a deal that will significantly change its profile in South America, according to a securities filing. With the sale, Marfrig, which also controls U.S.-based National Beef and BRF SA in Brazil, will retain only its larger-scale industrial facilities in the region in a bid to focus on production of processed meat products. The move marks a shift away from a commoditized business model for Marfrig while competitor Minerva, one of South America's largest beef exporters, goes in the opposite direction.
The Chinese government has asked Brazil to reduce a list of meat plants seeking authorization to export to the Asian country, a step that could help Beijing expedite the approval process, Carlos Fávaro, Brazilian agriculture minister, said on Thursday. China was the top destination for Brazilian poultry and pork exports in the first seven months of the year and also Brazil's biggest beef products buyer in the first half, according to data from industry groups ABPA and ABIEC.