BRAZIL: Dairy group Vigor buys 50% stake in rival Itambe
The deal will allow Vigor to expand its presence in key markets such as Minas Gerais and Rio de Janeiro
Brazilian dairy group Vigor has acquired a 50% stake in local co-operative rival Itambe.
The BRL410m (US$208.3m) deal will allow Vigor to expand its presence in key markets such as Minas Gerais and Rio de Janeiro, it said.
Itambe processes around 3m tonnes of milk annually. It operates five facilities: four in Minas Gerais and one in Goiás, in addition to ten distribution centres.
The transaction is subject to customary conditions, including the approval of the Administrative Council for Economic Defense (Cade), Vigor said.
Vigor became a publicly-listed company last year when it was floated by Brazilian meat giant JBS, which retains a 21.3% stake in the business.
Marfrig has said the sale of its domestic poultry business would make the Brazil-based meat group "stronger" and allow it to focus on growth opportunities elsewhere....
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