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Bond Market News
Salic Sells 11% Stake In BRF Paving Way for Merger with Marfrig
September 4, 2025
Salic International, a Saudi investor, has sold its 11% direct stake in Brazilian poultry producer BRF SA by swapping shares into derivatives via Citigroup. BRF shareholders approved the Marfrig takeover last month, but Brazil’s antitrust regulator had delayed the final decision. The move removes a key obstacle to BRF’s $2.6bn merger with beef giant Marfrig, as Brazil’s antitrust regulator CADE had raised concerns over potential conflicts of interest given Salic’s holdings in rival Minerva SA. While Salic no longer holds BRF shares directly, it retains an economic interest through derivatives. Analysts said the transaction helps avoid regulatory hurdles, reduces tax risks from capital gains, and ensures compliance, while preserving Salic’s economic rights. The investor described it as a shift in investment structure for greater flexibility and risk management, not a change in strategy.
BRF’s 4.875% 2030s were trading higher by 0.2 points at 96.71, yielding 5.73%.
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