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Brazil: Billionaire elected to head expansion of nation’s largest foodmaker

By  |  April 9, 2013

According to reports, shareholders of Brazil’s largest foodmaker BRF-Brasil Foods SA have elected billionaire Abilio Diniz as chairman to the company as it seeks to expand and increase market power. Diniz will work to expand the company sine the 2009, $3.8 billion takeover of Sadia SA required BRF to divest assets from the deal. Diniz previously headed similar efforts for retail giant Pao de Acucar, where he reportedly directed 13 takeovers and tripled profit margins. Diniz is expected to seek new acquisitions abroad due to antitrust restraints already imposed on the dominating food company.

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