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Bond Market News
BRF Minority Shareholders Approve Marfrig Merger
August 4, 2025
Nearly three-quarters of Brazilian poultry and pork processor company BRF’s minority shareholders have approved a proposed tie-up with beefpacker Marfrig ahead of BRF’s general shareholder meeting on August 5. This partnership would create another global food company MBRF, with origins in Brazil and factories in South America, North America, the Middle East and China. In public disclosures, both companies said that the proposed deal would allow BRF shareholders to swap one share for 0.8521 shares of Marfrig. The companies are also considering a future US-listing for the new entity MBRF. MBRF will also control National Beef, a Marfrig-owned US-based meat processor.
BRF’s 4.875% 2030s are trading higher by 0.2 points at 96.28, yielding 5.83%. Meanwhile, Marfrig’s 3.95% 2031s are higher by 0.6 points at 89.5, yielding 6.24%.
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