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Brazil’s Antitrust Regulator Clears Marfrig’s $2.6 Billion Takeover of BRF

By  |  September 7, 2025

Brazil’s competition authority has given the final green light to Marfrig Global Foods SA’s $2.6 billion acquisition of BRF SA, according to Bloomberg. The approval removes the last regulatory hurdle for the creation of one of the world’s largest meat companies.

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    The decision came after Brazil’s Administrative Council for Economic Defense, known as Cade, held back its ruling when one of its counselors requested additional time to cast a vote. Bloomberg reported that the agency’s five other counselors had already endorsed the transaction, and during an extraordinary session on Friday the remaining official also voted in favor. The regulator did not attach any conditions to the merger.

    The acquisition had already won support from BRF shareholders last month. Following Cade’s ruling, shares of both companies erased earlier losses of more than 2.3%, while Brazil’s Ibovespa benchmark advanced over 1%, per Bloomberg.

    Read more: Brazil Beef Producer Marfrig Wants Antitrust Nod For BRF

    The deal, first announced in May, had faced resistance from competitor Minerva SA, which raised concerns over market concentration and the role of a Saudi Arabian investor with holdings in both BRF and Minerva. According to Bloomberg, Cade investigated the issue and the investor stated it would not exert influence over the merged entity.

    In a move seen as smoothing the way for approval, Saudi Agricultural and Livestock Investment Co. (Salic) reached an agreement this week with Citigroup Inc. to convert its BRF shares into derivatives. That step removed Salic’s direct equity position in BRF but allowed it to retain an economic interest, Bloomberg noted. Cade emphasized that Salic must notify regulators if it decides to take a more active role in the future.

    Source: Bloomberg