BRAZIL: BRF, Sadia shareholders approve merger
By: just-food.com | 19 August 2009
Shareholders in Brasil Foods (BRF), formerly Perdigao, and Sadia approved plans to merge the two groups at a special shareholders meeting.
Under the merger agreement, after Perdigao has changed its name to BRF, Sadia's majority shareholders - 92% of shareholders who vote as a block - will create a new holding company, HFF. Shares in HFF will then be converted into BRF shares at a "control premium" ratio of 1 to 0.166247.
The remaining 8% of Sadia's preferred free-float shareholders would be offered BRF shares at 80% of the control premium value.
Current Perdigao shareholders will control 68% of the new entity and Sadia will operate as a 100% owned subsidiary of BRF.
Sectors: Dairy, Emerging markets, Meat & poultry, Seafood
Companies: Perdigao
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